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Singapore: labour productivity declines 0.8 percent in 2014

Singapore’s labour productivity declined 0.8 percent in 2014, according to Minister of Trade and Industry Lim Hng Kiang.
Singapore’s labour productivity declined 0.8 percent in 2014,according to Minister of Trade and Industry Lim Hng Kiang.

The minister said on February 17 that the island country did not meetthe target of 2 to 3 percent productivity growth that was set by itsgovernment. He said this is the third consecutive year of decline.

MinisterLim Hng Kiang expressed concern about the transport sector, noting thatonly financial service and insurance maintained an efficient growth oftwo percent annually thanks to quick restructuring amidst internationalcompetition.

In an attempt to help domestic enterprises improvetheir productivity, the government has introduced large scale programmesdesigned to facilitate their access to capital and improve businessprocesses.

According to the minister, Singapore is lookingto enhance growth quality while easing growth rate, which means it willcontinue with the policy to reduce foreign workers and lower itseconomic growth target to just half the level of 10 years ago.-VNA

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