The journey towards higher productivity will take many years, said Singapore's -Deputy Prime Minister Tharman Shanmugaratnam recently. And yet, it is a journey that Singapore cannot avoid. "Making the transition to a high-productivity economy is absolutely essential for Singapore", he said. "The fact that we face a tight labour market is a reality. We all know that, and it means that to sustain business competitiveness and continue to raise Singaporeans' incomes, we have to make this major transition".
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