Prime Minister Lee Hsien Loong, who announced the committee in Parliament on Wednesday, said it will be chaired by Finance Minister Tharman Shanmugaratnam.

Committee members will come from the private and public sectors and the labour movement, and will consult widely to tap on a wide spectrum of views and ideas.

Explaining the need for the committee, PM Lee said: 'We have found such exercises very useful, I have personally been involved in several of them over the years, including the Economic Review Committee most recently, and we hope that the committee will be able to develop its main recommendations in time for next year's budget.

'I'm confident that we can develop strategies to pursue global opportunities by enhancing our capabilities and growing our economy, and that we can pursue inclusive growth and make the best use of our resources. That is the way to transform our economy to continue to prosper and to build a first class home."

The Government will release the list of ESC members and further details in two weeks' time, said a statement from the Finance Ministry.