18 Mar '12, 6pm
Urgent transformation of economy from cheap labour to innovation #change #economy #singapore
Urgent need to remodel the economy and reduce dependence on cheap labour March 19, 2012 by admin Filed under: Current Affairs and Politics Written by Ng E-Jay 19 March 2012 The PAP government has been steering Singapore’s economy on the wrong course for the past two decades. As a result of their economic mismanagement, we now have a looming crisis in productivity, and wages at the lower end of the spectrum have remained stagnant for well over a decade. In the early years, Singapore grew by importing technological know-how and expertise from the developed nations, and focussing on manufacturing. Later as the economy became more developed, we diversified into services, finance, pharmaceuticals, and the biomedical industry At the same time, we also started to rely more heavily on foreign fund inflows to pump-prime the economy. Our government, in liaison with the banking syste...