Did you know that Manpower Minister Lim Swee Say appeared at the Singapore Productivity Awards Gala Dinner 2017 at Shangri-La Hotel last Friday (24 November 2017)?
Well, if you didn’t know, you probably won’t know that he made a speech that had some pretty important points regarding our economic growth for this year.
So here are three points that he made, which affect working people like you and I.
1. We’re turning more productive
While we’re becoming more manpower-lean (manpower growth was 1% last year), we’re actually becoming more productive (growth was 1% last year).
“Most, if not all of the projected GDP growth of more than 3%, will come from productivity gains.” – Manpower Minister Lim Swee Say
2. Improving productivity ≠ not enough jobs for Singaporeans
Total employment dropped by 20,000 in the first three quarters of this year. But local employment grew by around 9,000. Local employment is likely to grow faster this year, higher than the 11,200 recorded last year.
“As we become more manpower lean, lower growth or no increase in total employment need not mean jobless growth for our local workforce, as long as local employment growth remains positive.”
3. Sustaining Productivity Growth and Making it Pervasive
In order to keep improving the quality of our local employment, Lim says there is a need to sustain productivity growth. Productivity gains in the manufacturing sector have made it more manpower-lean. More foreign workers on the production floor are being released progressively while locals are re-trained to operate in smart factories of the future.
“…we should embrace productivity growth because it will help enhance the quality and attractiveness of jobs, thereby helping our local employment to grow faster and better.”
Lastly, he also urged Singaporeans to make productivity growth pervasive across all sectors, levels of the workforce and all sizes of enterprise.
“At the end of the day, we should never forget that productivity growth is more than making our economy more innovative and competitive.”
There you have it. 3 points that you would likely miss, if you hadn’t read the news or read this article to know how our economy has grown this year.
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