• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Lim Swee Say: Improve productivity or Singapore’s competitive primacy will be risked

by Martha Soezean
02/11/2016
in Economics
Reading Time: 2 mins read
0

Minister of Manpower Lim Swee Say warned that Singapore’s competitive superiority in offering products and services that are cheaper or better, is at risk.

The Minister said that cheaper competitors are getting better with higher educational levels, and competitors using better technology are producing cheaper products.

He warned, “If productivity gains continue to lag behind wage growth, Singapore’s competitiveness will slide down.”

Minister Lim delivered this warning on Tuesday (1 Nov) at the first day of the two-day 2nd Singapore Productivity Conference and Exhibition organised  by the Singapore Business Federation at Suntec Convention and Exhibition Center.

He reminded that Singapore’s productivity growth were flat in 2015 and 2016, and combined with flat local workforce growth, it has caused Singapore’s sharp drop in GDP growth.

Between 2011 and 2014, workforce growth at 4 percent caused also 4 percent in GDP growth, despite no gains in productivity.

And in 2015 and the first half of 2016, also with flat productivity growth and 2 percent workforce growth, GDP growth was only around 2 percent, said Mr Lim.

singapore-gdp-growth-annual2x

He then warned again, we will face the same problem next year.

He noted, “We cannot hope to go back to high growth simply by taking in more foreign workers.”

More than that, Mr Lim pointed that there was a recent structural transition in the local workforce.

He explained, “With better education and skills, those entering the workforce are looking for jobs different from the jobs vacated by those who have left. What this means is that economic transformation is important, not just because they will bring about higher productivity for the economy.. but because they will bring about better jobs and better wages.”

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police
Indonesia

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

04/02/2023
【财政预算案2021】2020年预算赤字达649亿元 占国内生产总值13.9%
AFP

China’s mega-rich move their wealth, and partying, to Singapore

04/02/2023
2024 Olympic torch relay to start in Marseille
AFP

2024 Olympic torch relay to start in Marseille

03/02/2023
India’s Adani shares plunge again after stock sale cancelled
AFP

India’s Adani denies rise due to Modi as shares fall again

03/02/2023
TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn
AFP

TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

03/02/2023
India’s finance minister says markets ‘well regulated’ after Adani storm
AFP

India’s finance minister says markets ‘well regulated’ after Adani storm

03/02/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

Family of student killed in accident involving retired police officer, calls for transparency from Indonesian police

04/02/2023
【财政预算案2021】2020年预算赤字达649亿元 占国内生产总值13.9%

China’s mega-rich move their wealth, and partying, to Singapore

04/02/2023
2024 Olympic torch relay to start in Marseille

2024 Olympic torch relay to start in Marseille

03/02/2023
India’s Adani shares plunge again after stock sale cancelled

India’s Adani denies rise due to Modi as shares fall again

03/02/2023
TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

TotalEnergies says Adani exposure ‘limited’ at US$3.1 bn

03/02/2023
India’s finance minister says markets ‘well regulated’ after Adani storm

India’s finance minister says markets ‘well regulated’ after Adani storm

03/02/2023
A man can be sentenced to death by a testimony of another, but CPIB finds it hard to prosecute with mountain of evidence and self-confession?

A man can be sentenced to death by a testimony of another, but CPIB finds it hard to prosecute with mountain of evidence and self-confession?

03/02/2023

Myanmar junta imposes tough new measures on resistance strongholds

03/02/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
47

...

Adani’s brother runs SG company and registers as director with local ID

Adani’s brother runs SG company and registers as director with local ID

by Correspondent
03/02/2023
19

...

Singapore warns slower economic growth in 2023

Less than 1 in 10 jobs created in first three quarters of 2022 went to Singaporeans?

by Leong Szehian
28/01/2023
69

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

by Terry Xu
31/01/2023
40

...

November 2016
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930  
« Oct   Dec »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz