| Abstract: | Singapore's labour force participation rates are at high levels. Age-specific rates, especially of men, have approached those of developed countries. The current very low total fertility rate of 1.25 would have major implications for Singapore's labour supply and economy in a closed population. Multi-pronged approaches such as measures to increase fertility, increase labour force participation, and to augment the local workforce with migrants are discussed. In the context of Singapore's physical land constraint, continued growth in the labour force in the long term would be challenging. Future gross domestic product growth is likely to be more sustainable via labour productivity growth. Identifying new niche areas of growth and having a nimble and quality workforce would become more important than labour force growth. |
