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 meet the target of 2 to 3 percent productivity growth that was set by its government. He said this is the third consecutive year of decline.
Minister Lim Hng Kiang expressed concern about the transport sector, noting that only financial service and insurance maintained an efficient growth of two percent annually thanks to quick restructuring amidst international competition.
In an attempt to help domestic enterprises improve their productivity, the government has introduced large scale programmes designed to facilitate their access to capital and improve business processes.
According to the minister, Singapore is looking to enhance growth quality while easing growth rate, which means it will continue with the policy to reduce foreign workers and lower its economic growth target to just half the level of 10 years ago.-VNA
The minister said on February 17 that the island country did not meet the target of 2 to 3 percent productivity growth that was set by its government. He said this is the third consecutive year of decline.
Minister Lim Hng Kiang expressed concern about the transport sector, noting that only financial service and insurance maintained an efficient growth of two percent annually thanks to quick restructuring amidst international competition.
In an attempt to help domestic enterprises improve their productivity, the government has introduced large scale programmes designed to facilitate their access to capital and improve business processes.
According to the minister, Singapore is looking to enhance growth quality while easing growth rate, which means it will continue with the policy to reduce foreign workers and lower its economic growth target to just half the level of 10 years ago.-VNA
