I refer to BT article, “GDP growth in 2017 may exceed 2%: PM Lee”.
Again, the government seems to be ‘rallying’ some moronic workers with propaganda.
PM Lee: “With productivity, the economy can continue to grow, even though our workforce is not expanding and even though we do not have more workers.”
But according to a MOM report on the labour force, the number of workers increased from 3.62 million in June 2015 to 3.73 million in June 2016. How could the workforce be “not expanding” despite an increase of 61,000 workers? TKSS right?
PM Lee: “What was more encouraging about last year’s economic growth was the fact that productivity levels had improved …. there was one per cent productivity growth in 2016, much higher than in 2013, 2014 and 2015 when it was nearly zero. .” Hmm… downplay 3 years of near ZERO growth by trumpeting a miserable 1% increase in the 4th year?
Fact: On average, productivity growth has been close to ZERO since 2011.
In 2010, the ESC had set a target of between 2 and 3% productivity growth from 2009 to 2019. We are already more than the halfway mark and where productivity is concerned, our overly-ambitious scholars have scored … F9. 😦
No one could have described more aptly PAP’s efforts than Nicholas Koh, an intern at the Institute of Policy Studies in 2015: “Forty years of Productivity Wilderness“. 🙂
According to Koh, PAP attempted to raise labour productivity in the past by:
– loosening low-skilled foreign labour supply
– to suppress business costs and
– helped businesses to stay afloat.
Today, PAP is still doing this. 😦
Unless PAP stops parachuting former high-flying civil servants like Lawrence Wong or former paper generals like Chan Chun Sing into top leadership positions, 50 years of productivity wilderness is assured. Make that 100 years.
PM Lee: “The challenge is to keep this up – to continue innovating and raising productivity not just one year at a time, but for many more years to come.” No leader should need to reassure himself or citizens that the only way to increase economic growth and real wages is through productivity, ad nauseam.
Under PAP, productivity growth has gone nowhere and will get nowhere. Having lost touch with economic reality, PAP has no choice but to inject more half-truths into the 2017 May Day Rally wayang.