What is productivity?
Over the past decade, Singapore’s economy grew by an average of 5% per annum. Singapore’s productivity growth over the same period averaged about 1% per annum, a rate on par with that of other developed countries. The broad majority of Singaporeans also enjoyed real wage growth and a rise in living standards.
Nonetheless, productivity gains have declined in recent years due to heavier reliance on labour inputs to generate economic growth, especially inputs of foreign manpower.
Productivity is the only sustainable way to increase our value-add and grow our incomes and it must be the key driver of our economic growth. The Government will focus on helping businesses and workers improve their productivity and continue to provide support through many programmes and schemes.