Remarkable GDP growth likely to be one-off event
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By S Ramesh | Posted: 20 November 2010 1133 hrs
SINGAPORE: Singapore's remarkable economic growth this year, forecast at 13-15 percent, is likely to be a one-off event, says Trade and Industry Minister Lim Hng Kiang.
A more sustainable GDP growth for the long term is 3 to 5 percent, said Mr Lim at a graduation ceremony at the Ong Teng Cheong Labour Leadership Institute on Saturday.
The minister stressed that a 3%-5% growth would still be a challenge, considering the maturity of the Singapore economy, the continuous uncertain global economic outlook and intense competition for investment and jobs.
Hence it is important that Singapore continues to build up its competitiveness, resilience and capability, added Mr Lim.
In this regard, Mr Lim explained that developing the nation's human capital and raising productivity levels will be key to maintain global competitiveness and achieve sustainable economic growth.
And the government remains committed towards investing heavily in the continuing education of workers.
Mr Lim said: "Likewise, considerable resources have been set aside to drive productivity. Equally important is the mindset and attitude of our workers.
"We must continuously upgrade ourselves and encourage companies to embrace innovation and continuous productivity improvement. A highly capable, disciplined and productive workforce, coupled with competitive companies, will give us an important edge over our competitors."
Mr Lim added that the labour movement plays a big role in this effort by championing both workforce upgrading and productivity in Singapore companies.
Meanwhile, the Ong Teng Cheong Labour Leadership Institute has plans to play its full role to keep developing leaders in the NTUC.
Finance Minister and Chairman of its Board of Governors, Tharman Shanmugaratnam, said the institute will serve as the secretariat for the new NTUC Leadership Committee comprising key union leaders.
It will facilitate sharing of best practices in attracting, retaining and developing union leaders.
The institute also intends to tap on the experiences of some of its veteran unionists.
To achieve this, it is setting up an Institute Fellowship Scheme.
Mr Tharman said the fellowship scheme will recognize up to 10 outstanding union leaders identified by the NTUC each year and the fellows will be involved in sharing their experience, chairing dialogues, briefing visiting groups, mentoring younger leaders and promoting tripartism.
They will also be at the forefront of helping the labour movement secure a healthy pipeline of capable and committed leaders.
Two veteran unionists - Victor Pang and Thomas Thomas - have been named as the inaugural fellows under the scheme.
- CNA/ir -
3%-5% inflationary growth.
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Nothing new. I expect a decline adjustment after next election.