The Singapore economy is slowing down. Manufacturing output contracted for seven straight months since mid-2011. This prompted Prime Minister Lee Hsien Loong to issue this warning: “We are now in a period where incomes will be under pressure at the low-end. I think even in the middle, white-collar workers will also be coming under pressure.”
At the same time, however, Mr Lee wants to increase the number of foreign workers in this country. He said that “the more you tighten the inflow, the slower growth is going to be and that’s something Singaporeans will have to understand.”
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