Tag Archives: Tan Kong Yam

SINGAPORE’S GROWTH IN A DECADE OF SHOCKS

The intense pressure of globalisation, relocation of factories to China and Asean as well as technological progress have exerted strong downward pressure on wages of the unskilled and semi-skilled workers, while the international arbitrage pressure on the highly skilled workers at the top has pulled up wages at the top end. This is not unique to Singapore. Data from the Organisation for Economic Cooperation and Development indicate that the same phenomenon was observed in the US, Canada, Britain, Germany and Australia, but was much less acute in the Nordic countries like Norway, Sweden, Finland and Denmark.

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