The 2010 budget dedicates S$5.5 billion to boost overall annual productivity gains over the next 10 years to 2% to 3% , which if successful would represent a significant boost from the 1% achieved annually over the past decade.
This aggressive move has been adopted as Singapore's productivity growth has been stagnant in recent years despite government efforts to lead the economy in more high-tech directions, including ventures into industries such as biotechnology and nanotechnology. According to analysts, Singapore's productivity is now only 55%-65% of comparable measures in the US and Japan.
Whilst the reason for this malaise is complex, and multifactored ... the overuse of low-cost foreign workers, the lack of a minimum wage regulations, new business with yet to be matured business models, over reliance on capital and technology, coporate complacency ... Teamy the Productivity Bee, launched in 1992 by the then National Productivity Board, may be poised to make a grand comeback...but this time with MORE HONEY...and a train of robotic clones behind it!
This aggressive move has been adopted as Singapore's productivity growth has been stagnant in recent years despite government efforts to lead the economy in more high-tech directions, including ventures into industries such as biotechnology and nanotechnology. According to analysts, Singapore's productivity is now only 55%-65% of comparable measures in the US and Japan.
Whilst the reason for this malaise is complex, and multifactored ... the overuse of low-cost foreign workers, the lack of a minimum wage regulations, new business with yet to be matured business models, over reliance on capital and technology, coporate complacency ... Teamy the Productivity Bee, launched in 1992 by the then National Productivity Board, may be poised to make a grand comeback...but this time with MORE HONEY...and a train of robotic clones behind it!
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