S Iswaran warns: Economic growth will slow down with declining birth rate
Posted by temasektimes on September 4, 2012
Soon after Singapore’s Supreme Leader Lee Kuan Yew berated his subjects for not making enough babies two weeks ago, other PAP leaders have followed suit warning the dire consequences of a declining birth rate.
Speaking at a dialogue at the Singapore Management University on Monday evening, Minister in the Prime Minister’s Office, S Iswaran, has said “Singapore’s demographic trends indicate that economic growth will be more difficult to achieve in future.”
He added that as the workforce is ageing and shrinking, Singapore needs to raise its labour force participation rate, boost productivity and employ foreign manpower judiciously.
“If opportunities dwindle, the consequences can be quite austere. Talented and high-skilled Singaporeans are mobile; some will almost certainly seek out opportunities in more vibrant economies and cities. This will not only be in traditional hubs in the West, but also in up-and-coming cities in fast growing regions like Asia. A loss of local talent also means a loss of the opportunities they could have helped create,” he quipped.
Singapore’s birth rate has plummeted over the years due to sky-rocketing property prices and rampant inflation which are ironically caused by the relentless influx of foreigners brought in by the government to boost economic growth.