In his speech at an employment fair, newly-minted Manpower Minister Lim Swee Say proclaimed that he has a formula for GDP growth for Singapore in the next 10 years. Minister Lim Swee Say said that Singapore’s GDP growth at 3% is not sustainable because the population of the workforce cannot grow at 3%.
Rather, the Manpower Minister said that Singapore should only increase the population at 1% and get the 2% growth from increased productivity:
“In the last 10 years, we have been growing our economy based on a simple formula of ‘3+1=4’ – 3 per cent growth in our workforce plus 1 per cent improvement in our productivity to give us 4 per cent growth in our economy.
As I mentioned, 3 per cent is not sustainable because our local workforce not growing at 3 per cent. For the next 10 years, we’re working towards ‘1+2=3’ – 1 per cent growth in our workforce plus 2 per cent improvement in our productivity to give us the 3 per cent growth.”
Minister Lim Swee Say is basically reiterating what Prime Minister Lee Hsien Loong said last week, asking Singaporeans to increase their productivity because the country has hit a population limit and suffering the fallout from an overpopulation. Singaporeans have become increasingly vocal in expressing their displeasure for overcrowding in recent years and the ruling party PAP Government suffered its worst voting result in the last election.
The PAP Ministers are trying to increase the country’s GDP growth to compensate for the lack of freedom and human rights in Singapore, hoping that the majority of the Singaporeans will be willing to trade economic growth for personal freedom and the lack of a sound political system. Salaries of PAP Ministers have also a GDP component variable that increases along with the GDP growth percentage, and more often than not, the PAP Government have justified the increase in their salaries because of the economy, with the Minister of Defence saying it is a “bargain” Singaporeans are getting for the amount of salaries they are getting.
Prime Minister Lee Hsien Loong’s salaries currently stand at more than four times the salaries of President Obama.
Lee Hsien Loong: Singaporeans must raise their productivity