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A Sectoral Examination of Singapore’s Productivity Growth
12 August 2014
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A Sectoral Examination of Singapore’s Productivity Growth
Productivity is the key to achieving sustainable growth, as it allows us to stay globally competitive and achieve higher living standards.
In 2010, the Singapore Government made a decisive shift towards productivity-driven growth. The National Productivity & Continuing Education Council (NPCEC) was set up to drive efforts to raise productivity. Four years into the productivity drive, Singapore’s productivity performance remains weak. While productivity grew by 2.9 per cent on an annualised basis from 2009 to 2013, this largely stemmed from the 2010 economic recovery, with productivity surging by 12 per cent that year. Productivity has been stagnant since, growing only 0.2 per cent per annum from 2010 to 2013. Some analysts have pointed to this weak performance as an indication that our restructuring drive has failed.