Why Singapore’s workforce needs both openness and a strong local core
Workplace integration must become a core economic capability to solve the country’s manpower crunch
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[SINGAPORE] In the latest IMD World Competitiveness rankings released in June, Singapore ranked first overall. Yet, the global business executives surveyed identified the adequacy of the country’s labour force as a key weakness for sustaining long-term growth.
While productivity gains and artificial intelligence will help, no advanced economy has fully offset a shrinking and ageing workforce through productivity alone. For Singapore, manpower will increasingly be the binding constraint.
That is why openness to foreign manpower is a matter of economic necessity.
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