Singapore National Productivity Growth

Despite all the touted initiatives, there is nothing really much to be proud of. The following is an excerpt from the Ministry of Manpower.

"Over the past decade, Singapore’s economy grew by an average of 5% per annum. Singapore’s productivity growth over the same period averaged about 1% per annum, a rate on par with that of other developed countries. The broad majority of Singaporeans also enjoyed real wage growth and a rise in living standards.

Nonetheless, productivity gains have declined in recent years due to heavier reliance on labour inputs to generate economic growth, especially inputs of foreign manpower. Globalisation, increased competition and lack of relevant skills have also led to slower wage growth for low-wage workers.

Only productivity-driven growth can deliver sustainable and inclusive economic development, and improve Singapore's standard of living over time. The Government will focus on productivity as a system and how employers can grow their companies without increasing their manpower at the same rate. This involves a mindset shift. Improving productivity is:

-Not about workers working longer hours; or
-Not about workers doing the same tasks faster and more cheaply;
-About working smarter – more efficiently, more effectively and more innovatively."

The Ministry also announced that  12 lucky sectors to will be focused on for providing upgrading.  They include:


Construction
Electronics
Precision Engineering
Transport Engineering
General Manufacturing
Retail
Food & Beverage
Hotels
Healthcare
Info-comm
Logistics and Storage
Admin and Support Services

The luck sectors should be expecting to enjoy generous incentive schemes form the government to assist them in upgrading their productivity.