The global economy has about a decade to embark on structural and fiscal reforms.
If it does not, it runs the risk of economic stagnation, said Deputy Prime Minister Tharman Shanmugaratnam.
Speaking at the CFA Institute's annual conference on Monday, Mr Tharman, who is also the the Finance Minister, said that there has been too much reliance on central bank so far.
While monetary policy has been crucial in avoiding another global catastrophe, there needs to be more urgency in achieving the medium term goals of fiscal consolidation and structural reforms, he said.
Reforming healthcare and pension systems as well as labour markets will be important in averting an erosion in the long-term growth potential of advanced economies, added Mr Tharman.