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In his speech, Mr Iswaran described the three main demographic trends facing Singapore. First, the local workforce will shrink in eight years' time as more Singaporeans retire and fewer young Singaporeans enter the workforce. Second, the workforce will grow older as the median age of Singaporeans will rise from 39 years to 47 years between 2011 and 2030. Third, Singaporeans, in the future, will be more highly educated and will aspire to different sorts of jobs.
Mr Iswaran also noted that as the economy matures, Singapore's long term sustainable annual economic growth will range between 3 to 5 per cent. He went on to explain that if this growth was too low, there will be fewer opportunities for Singaporeans and Singapore would likely be worse off. Mr Iswaran emphasised that the Government must focus on achieving balanced economic growth even as it addresses infrastructure and social needs.
Said Mr Iswaran, "We must ensure that Singapore remains a choice home that meets the aspirations of Singaporeans - as a place to work and as a place to live and raise a family. Competition for talent will intensify, and we need to ensure that Singapore remains economically vibrant, to continue growing our economy so as to create opportunities for Singaporeans to enjoy better living standards." Full story
