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Economics

Singapore cannot be a post-Brexit model for the UK due to “completely different” set of circumstances: PM Lee

While the "Singapore model" was praised by the United Kingdom's Foreign Secretary Jeremy Hunt on his visit to the Republic earlier this month, going so far as to express a desire to emulate Singapore's low taxation and open-door policy, Prime Minister Lee Hsien Loong has expressed his doubts regarding using Singapore as a benchmark for the UK's post-Brexit aspirations. In an interview …

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Slower economic growth in Singapore due to decrease in export demand and overall “weaker global trade growth”: GECS Q4 2018 report by ACCA and IMA

Economic growth in Singapore - one of the two "most trade-dependent economies in the Asia Pacific region" besides Hong Kong - is slowing as the demand for exports fell in Q4 last year, according to the latest edition of Global Economic Conditions (GECS), based on the ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants). The …

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Nobel Prize-winning economist cites Li Shengwu’s “Credible Mechanisms” as 2018’s most significant economics research paper

A paper co-authored by Harvard University's Economics associate professor Li Shengwu was picked by 2012 Nobel Prize winner in Economics Alvin Roth as being the most significant economics research paper in 2018. Professor Roth of Stanford University told business news platform Quartz that the paper - titled Credible Mechanisms - "defines a notion of “credibility” of an auction, having to do …

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Prof Tommy Koh lauded by netizens for his progressive views on wages for low-income groups

During the round table discussion on wages in the ages of disruptions hosted by Straits Times, National University of Singapore Professor Dr Tommy Koh argued that the government's apparent resistance towards implementing a minimum wage in the Republic is rooted in "fake" ideological arguments. The Ambassador-at-Large at the Ministry of Foreign Affairs said that the Singapore government has always insisted …

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Singapore needs to rethink its management of local & foreign talent if it wants to remain competitive in oil and gas industry

Recently, Singapore has been tightening the hiring requirements for expats. It’s now getting harder and harder for local companies to hire foreign talent, be it mid-level to managerial staff and beyond. This is becoming a real struggle for both expats and local business. One expat turned citizen, Phillip John William, who has been in Singapore for 43 years shared his …

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Former GIC Chief Economist: If top leaders are so keen on creating more equality, why is basic income policy still so pathetic?

Former Chief Economist at GIC and former adjunct professor at the Lee Kuan Yew School of Public Policy Yeoh Lam Keong lambasted a statement made by the Minister of Trade and Industry Chan Chun Sing recently, questioning the lack of "concrete and effective policy action" by the upper echelons of Singapore's leadership. Speaking at a public policy conference last week, Mr …

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Implementation of minimum wage in Singapore impractical for employers, may encourage unemployment: Minister for Manpower Josephine Teo

The prospect of implementing a uniform minimum wage in Singapore remains impractical, as doing so would corner employers into paying their workers a higher salary than the market rate, producing the effect of a "tax" on employment, said Minister for Manpower Josephine Teo on Friday (26 Oct). Speaking at a panel discussion at the Institute of Policy Studies' 30th Anniversary conference …

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Unrealistic for NEA to rely on SEHCs to produce “tech or business model innovations” that can remedy hawker industry’s “cost disease”: Former academic Donald Low

It is "unrealistic" for the National Environment Agency (NEA) to expect social enterprise hawker centres (SEHCs) to be the panacea for "the underlying cost disease in the hawker industry," says former academic Donald Low. Baumol's cost disease, or the Baumol effect, refers to a rise in wages in industries with no productivity gains as a result of higher wages observed in …

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“Hawkers do not exist to make the hawker centre or the city vibrant”: Donald Low, in response to MP Lim Biow Chuan’s remarks regarding the hawker centre debacle

A Facebook post by a former academic that has gone viral lambasted Mountbatten Member of Parliament (MP) Lim Biow Chuan's justification regarding the operating hours of stalls in social enterprise hawker centres (SEHCs), with the MP stating that it is "incorrect" to suggest that "hawkers had to work super long hours." Donald Low, in his Facebook post on Wednesday (24 Oct), …

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