MM Lee says that since Singaporean wanted fewer PRs, then they must accept slower growth. Do you agree this correlation between PRs and economic growth?
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_634113.html
Feb 12, 2011
Fewer foreigners, slower growth: MM
S'poreans must accept the reality; 4-6% growth forecast still 'very good'
THE way Singaporeans have been reacting to the wave of foreigners coming here to work has a huge bearing on Singapore's growth this year.
It is a key reason for the slower growth being forecast for this year after a 'splendid' 14.7 per cent growth last year, said Minister Mentor Lee Kuan Yew on Friday.
'To keep up our strong performance, we needed more (foreign) workers. This caused some disquiet. So we are slowing down the numbers of new permanent residents (PRs). We must accept slower growth as a result,' he told his Tanjong Pagar GRC residents attending a Chinese New Year dinner at Tiong Bahru Community Centre.
Still, the 4 to 6 per cent growth projected for this year is 'very good' for Singapore's mature economy, he added.
Singapore had 29,265 new PRs last year, a 50 per cent decline from 59,460 in 2009. Also, 58,300 jobs were taken up by foreigners last year, far fewer than the 80,000 forecast by the Government.
In his 10-minute speech, Mr Lee also identified three key factors crucial for Singapore's continued well-being. These are racial harmony, a stable society to attract investors and a high-quality people.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_634113.html
Feb 12, 2011
Fewer foreigners, slower growth: MM
S'poreans must accept the reality; 4-6% growth forecast still 'very good'
THE way Singaporeans have been reacting to the wave of foreigners coming here to work has a huge bearing on Singapore's growth this year.
It is a key reason for the slower growth being forecast for this year after a 'splendid' 14.7 per cent growth last year, said Minister Mentor Lee Kuan Yew on Friday.
'To keep up our strong performance, we needed more (foreign) workers. This caused some disquiet. So we are slowing down the numbers of new permanent residents (PRs). We must accept slower growth as a result,' he told his Tanjong Pagar GRC residents attending a Chinese New Year dinner at Tiong Bahru Community Centre.
Still, the 4 to 6 per cent growth projected for this year is 'very good' for Singapore's mature economy, he added.
Singapore had 29,265 new PRs last year, a 50 per cent decline from 59,460 in 2009. Also, 58,300 jobs were taken up by foreigners last year, far fewer than the 80,000 forecast by the Government.
In his 10-minute speech, Mr Lee also identified three key factors crucial for Singapore's continued well-being. These are racial harmony, a stable society to attract investors and a high-quality people.
