By Noel J. Kent
Reprint of the per 30 days evaluation version of 1983, with a brand new epilogue, and foreword by means of Dan Boylan. Annotation copyright publication information, Inc. Portland, Or.
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Extra info for Hawaii, islands under the influence
We should have compelled them to have a good mix of foreign and local workers and incentivise companies to move up the value chain and focus on productivity to attain real improvement in the quality of our economic growth factors. We could have incentivised companies to be more innovative and improve productivity instead of giving them the easy way out with easy access to foreign workers as an alternative to local workers. How could we have done this? Perhaps by giving enough tax incentives and grants to companies as a leveller so that it will make hiring foreign workers not much cheaper than hiring locals.
Income growth should increase accordingly with rising costs and should be uniform among the various strata of society. The question of affordability also applies to investors in terms of whether Singapore remains cost-competitive for them. My third point is how we should compare the high cost of living in Singapore. Should we be comparing Singapore to other cities or to 19 SINGAPORE PERSPECTIVES 2009 countries instead? The Mercer Worldwide Cost of Living Index for expatriates provides us with a good guide as it ranks both countries and cities.
Even though Singapore’s MVA has risen rapidly, its productivity has grown at a lower rate thus showing that it has moved too quickly up the value chain without achieving equivalent improvements in efficiency (see Table 1). 45 percent of the world’s share by 2003. 5 times its 1980 share in these 23 years. 3 times 1980 levels. 6 times of 1980 levels. 1 times of 1980 figures. From the statistics, Singapore’s transition from low value-added industries to high value-added sectors has exceeded the rate of other developed countries and has happened too rapidly.