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PM Lee on the future of Singapore: Good jobs will be scarcer, and unemployment will be higher

Posted by temasektimes on June 9, 2012

The future of Singapore appears bleak with good jobs becoming scarcer and unemployment rate expected to increase, warned  Prime Minister Lee Hsien Loong.

Speaking at the Economic Society of Singapore’s annual dinner on Friday evening, PM Lee said Singapore’s economy will experience growth slower than in the last 10 years as a result of a more developed economy, internal resources constraints and fierce competition from the region.

“Singapore cannot avoid slower growth in the next decade and beyond. This is natural because we are now more developed and we are also running up against land and labour constraints, especially as we reduce the inflow of foreign workers,” he said.

The slower growth will have repercussions for Singaporeans:

“For Singa­pore, slow growth will mean fewer new investments. Good jobs will be scarcer, and unemployment will be higher,” he added.

Despite the rapid economic growth experienced by Singapore in the last decade, social mobility has declined partly due to rampant inflation, sky-rocketing property prices and stagnant wages.

The situation is unlikely to improve in the near future as the Singapore domestic economy continues to be dominated by a few giant government-linked companies and foreign direct investments being diverted to other countries in the region.

28 Responses to “PM Lee on the future of Singapore: Good jobs will be scarcer, and unemployment will be higher”

  1. Sgt33 said

    Another scare, to keep pap votes intact. 60% or less will remain. Man can propose, but GOD dispose.

  2. Will PAP governement do it? said

    Now Singapore have about 20% of foreigners working here, train unemployed Singaporean and fill up part of this 25%, then we can solve Singaporean unemployment problems. Will PAP do it?

  3. Because of Open Immigration and Welcoming policy, at the expenses of native Singaporean, in the name of economic growth?

  4. sad said

    Make a Singaporean 1st policy like what Macau did.
    When retrenchment, foreigner and PR leave before Singapore Citizen.
    That will reduce unemployment rate.
    Simple and functional but pro foreigner country like SG will not do it. A simple and easy step to save singaporean job.

  5. Malcolm said

    So our minister is going to get a paycut, since their KPI seems to be tied to our economic growth?

  6. DoctorX said

    One moment he said we need to remain OPEN and WELCOMING to foreigners, the next moment he said Singapore cannot avoid slower growth especially as we reduce the inflow of foreign workers.

    Means “I have all the resources and decision making in my hand but I dunno how to grow the economy except by mass importing foreign cheap labour” ??

    Perhaps those policies he had chosen to boost our economy were mere steriods and is fast losing its effect?

  7. I urge PM to STOP GROWING THEECONOMY AT THE EXPENSE OF SINGAPORE CITIZENS.
    Allow SUNSET INDUSTRIES TO CLOS or MOVE AWAY
    Stop the disgraceful UNBRIDLED IMPORTS of CHEAP FOREIGNERS to shore up Unproductive Industries.
    Stop the disgraceful UNBRDLED IMPORTS of Half baked Foreign Talents to DEPRESS PMET SALARIES AND having PMETS thrown outofjobs…
    SLOW DOWN THE ECONOMY and allow ONLY QUALITY INVESTMENTS THAT DO NOT REQUIRE IMPORTS OF RUBBISH LOW SKILLED WORKERS WHICH ULTIMATELY STRESS THE HOUSING, TRANSPORTATION, MEDICAL FACILITIES, EDUCATIONAL SERVICES, PUBLIC FACILITIES…..
    If the PM does not do the right thing He and his Party deserved to be voted out in GE2016

  8. P Koh said

    Good foresight by PM. Knowing is just the beginning but what then are the measures that can be implemented to ensure as smooth a landing as possible in the next couple of years where the challenges are even greater. Time for our Ministers to really do some serious thinking and to do work instead of being on the defensive to the problems posted by the students and the public over so many social and economic issues.

  9. erifk said

    what the f**K we need him for,,,,,

  10. Beenthereseenit said

    The PAP government has been trying to compete on low labour costs to stay competitive, that was a very short term and shortsighted way of growing the economy because how low can your labour costs fall? How many low end foreigners can you keep importing? The lack of creativity and entrepreneurship in SG is what will make SG lose its competitiveness. If only PAP was more far sighted and groomed creativity, innovation and entrepreneurship in the last decade. That would have helped SG stay ahead of other developed nations!

  11. Beenthereseenit said

    PAP made a bad decision to grow the economy through lower labour costs, and it’s Singaporeans who end up paying the price this decade and decades to come!

  12. Fuck You LeeHsienLoong said

    Unemployment amongst Singaporean is already high. Just that the Useless Hypocrite LeeHsienLoong and his hypocrite Millionass obfuscate the data/statistic to show it.

  13. Tony said

    Usual PAP scare tactics. LHL is PM (“Plenty Malfunctions”). He is admitting that PAP cannot grow economy so more Singaporeans can have more and better paying jobs. Time to throw out “malfunctioning” PAP.

  14. Ron said

    If DBS, perhaps the largest bank in Spore is run by an expat, what more can I say. After almost 50 years of independence, Spore cannot groom a Singapore born citizen to be CEO of DBS? The same can be said of some other big Spore enterprises. And of course that big embarrassment of trying to recruit an expat CEO for Temasek Holdings.

    If Spore cannot groom major companies that can compete with the rest of the world, why are we able to pay the highest salaries in the World to our Ministers? What performance are they delivering to justify their pay?

    Is Singapore Inc. a failure in that it failed to have Singaporeans run their own enterprises? Can they name similar national size enterprises in Malaysia, Thailand, China, Korea, Taiwan, Japan, Indonesia, India, etc. that are run by expats? They have national pride and will not easily allow national companies to be run by foreigners.

    Where is our national pride? And are we fore ever giving excuses that Singaporeans will never make it to the highest rank even for their own companies?

    • singaporean said

      RON, ur so spot on….i really wonder why our ministers r paid such big salaries to giv us straigh forward solutions like only way to grow is to bring in immigrants..come on….u dun need a PHD to now that..we expect alot more from the world’s highest paid minister…

      on a seperate note..i got a parking fine of $30..n HDB refused to waive it off…im gg to c my MP n im gg to demand tat he writes in to HDB to waive it off…do u tink it will work? its my 1st times gg to c the MP…damn i do not wish to give my hard earned money away to the MIW for free..

      • Pay and move on said

        HDB also refused to waive my $100 fine but where got time to see my MP, just pay and next time be more careful so that they do not have the chance to take my hard earned money away.

  15. Elva said

    Name one resource Singapore has besides Human Capital? None. To live in Singapore, we would have to embrace this. Singaporeans – we are born with nothing. We get education knowledge from others to have it carried out here. We get companies in here so that the country can produce something. So, tell me – Do the PM have a solution? Its pretty simple. We just have to endure, stay positive and keep working till old age. There is never a solution. Never can any other party save Singaporeans too.

  16. Fuckpap said

    Monkey predicting doomsday for himself and pap

  17. wan wan said

    merge with Malaysia back lah……

  18. jobless local said

    abolish NS and the magic of the energy and creativity of youth will emerge to rescue the country.

    the leaders of sg are just rent seekers never do a honest day of work in their life.

  19. hachoiji said

    Oh jobs will be scarce for the locals but not for FTs thats what it mean. And everyone knows the world is getting more difficult to live by by the day. What is new ??

  20. sad said

    What do you think can be done? I will ask all of you(MP) the same question… …

  21. This is all he can say said

    Only good job will be working for pap govt, recession proof?
    Whose job to lower unemployment rate for singaporeans? I repeat only singaporeans not residents or PRs which we are not interested.

  22. dun talk cock said

    Only good job is to work for PAP govt…
    Whose job to lower unemployment rate for S’poreans?

  23. Jack sparrow said

    Bull shit. Less jobs for sinkies, more jobs for foreign thrash?? Tsk tsk pm

  24. Sad Sad said

    We should welcome FT. Wonder what it’s like if we have lot of FT within govt??? Will they feel the competition as well? hmm…..

  25. SomethingVeryWrongSomewhere said

    Come GE 2016, we shall vote the useless Pro-Alien Party out of Parliament as it is already so obvious that they are a bunch of nitwits (disguised as talents & top brains) who are unable to come up with any feasible solution(s) at all!

    “What do you think?”…Paid themselves millions & yet expect us native singaporeans to provide & come up with the creative solutions for them!

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