Chart of the Day: Take a look at how local productivity has crashed since restructuring began

These figures are far from the government target.

Productivity growth continues to languish midway into the ten-year restructuring process, and analysts argue that it might be time to take a second look at Singapore's restructuring policies.

This chart from DBS shows that productivity growth averaged at -0.05% per annum since restructuring started in 2010, well below the government's target growth of 2-3% per year.

This is also much lower than the 1.4% annual growth averaged between 2000-2009.

"We've argued before that headline productivity growth figure may note be the best indicator of productivity gains in the near-term. Inevitably, this has led to concerns that progress on productivity has been slow, especially now that income growth appears to have stalled. The jury is still out on whether restructuring is working, but the pain felt by companies due to tightening in foreign manpower policies suffests a review may be required," noted DBS economist Irvin Seah.

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