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Singapore Must Pursue Transformation To Achieve Productivity Growth Targets

This requires continual transformation, he said, adding that firms must learn new ways to do business, workers must learn new skills and embrace new technologies, and new sectors must replace declining industries.

Elite Economy
Singapore Finance Minister Lawrence Wong

Finance Minister Lawrence Wong emphasized the necessity of transformation for Singapore to achieve its ambitious productivity growth targets during a parliamentary session.

Singapore aims for 2 to 3 per cent annual growth over the next decade, with one to two percentage points expected to come from productivity improvements.

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Singapore Growth Targets

“This is a very ambitious goal. Only a few countries at our stage of development have been able to sustain such high productivity growth,” he said in his round-up speech on the third day of the debate on Budget 2024.

Wong stressed the need for continual adaptation in business practices, skill acquisition by workers, and innovation in emerging sectors. Members of Parliament focused on questions regarding Singapore's growth strategy, coping with inflation, and adequacy of the social support system.

Wong addressed concerns about inflation, attributing recent increases to global supply chain disruptions exacerbated by geopolitical tensions.