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Singapore's Challenges

Singapore's Challenges Singapore is located in a fast growing region – this brings us more economic opportunities Singapore but also increased competition. We need to calibrate our policies carefully in order to maintain our competitiveness, and yet grow at a sustainable rate so that all Singaporeans can enjoy an improving quality of life. In the next two decades, the Singaporean workforce will grow old We need to continue with our drive to raise productivity and start to shrink, even as it becomes more educated. The jobs through business restructuring and workforce that Singaporeans aspire to will naturally shift. It retraining. We must encourage more residents will be increasingly difficult to find sufficient to enter and stay in the workforce. Finally, we manpower to support lower-skilled jobs must complement our resident workforce with that are still necessary to sustain a a calibrated rate of immigration and foreign healthy economic mix. worker inflow. Our Challenges Low Total Fertility Rate (TFR) and an ageing population will lead to a shrinking citizen workforce • Intensifying competition for investments and talent among global cities • Need to maintain a resilient and diversified economy Catering to the aspirations of an increasingly well-educated workforce How Can We Address These Challenges Encouraging Singaporeans who are currently not in To complement our Raising productivity local workforce and restructuring through calibrated inflows of foreign the workforce, to come our economy back to work, such as females and the elderly workers Complementing Our Resident Workforce with Foreign Workers Help WANTED Able to sustain a higher old-age dependency ratio Likely to achieve a Larger tax base will help Possibility of higher social Maintain a sustainable rate of fund public expenditures frictions, congestions and dynamic economic growth and investments into integration problems economy Now HIRING social and developmental which will have to be with infrastructure addressed good job opportunities and good wage growth to match the aspirations of Singaporean At Current Birth Rate Without Immigration Citizen workforce will start to Lack of sufficient manpower may A less dynamic, ageing society Slowdown in growth may lead to shrink by 2020, leading to a slowdown in growth a slower pace of life, due to lower social frictions and congestion result in investors and businesses may have lower appeal leaving or closing down and fewer opportunities for young from a smaller population Singaporeans in the future CLOSED Design by www.kudosgraphics.com

Singapore's Challenges

shared by nkwee on May 27
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Infographic design project for a government agency. Talking about the challenges faced by the country,

Publisher

MTI

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Unknown. Add a source

Category

Economy
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