By Tarn How Tan
"The Singapore views" sequence is a every year booklet that gives severe research of rising traits and concerns Singapore faces when it comes to social, fiscal and political improvement. it's a quickly and crucial reference for knowing the extensive coverage discussions that animate suggestion leaders, policy-makers and the general public within the nation through the quick interval or which are prone to achieve this within the brief and medium time period. during this quantity, participants take an in-depth examine 4 themes of pertinent curiosity to Singapore's mid- to long term destiny and provide a few radical rules for Singaporeans' attention. they're: Can Singaporeans come up with the money for a High-Cost Singapore; Can Singaporeans stay Rooted; Can Singapore guard Its Hub prestige; and, Can govt Do much less, and Singaporeans extra. individuals of this name comprise, Member of Parliament Inderjit Singh, playwright and legislations educational Eleanor Wong and previous president of the legislations Society of Singapore Philip Jeyaretnam. Co-published by way of the think-tank, the Institute of coverage reports, Singapore, it is a worthwhile book for people with an curiosity in realizing the governance demanding situations dealing with a small, hugely globalised financial system and countryside, or those that desire a fast believe of the heart beat of Singapore.
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Extra info for Singapore Perspectives 2009: The Heart of the Matter
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.