Lim Swee Say: strength of Singapore’s economy depends “not s

• FT You Roll back

  21 Jan 10, 13:55

  Lim Swee Say: strength of Singapore’s economy depends “not so much” on how productive we are

  January 21, 2010

  Minister in Prime Minister’s Office Mr Lim Swee Say has another mindbogging quote for Singaporeans again. Not too long after exhorting Singapore workers and companies to boost their productivity by being “cheaper, faster and better”, he now sings a slightly different, if not confusing tune.

  In a speech made at a forum yesterday, Mr Lim said Singapore should invest more in R&D to strengthen the nation’s economic potential.

  “The strength of the Singapore economy, whether we are able to sustain our growth for the long term, depends not so much on how productive we are and how capable we are in the areas of production. I think we need to become increasingly an innovation driven economy……..All these are core strengths that the Singapore economy ought to invest more and more in the future so that we can continue to ensure that the Singapore economy will be competitive and vibrant so that they can continue to create growth and create jobs for our people,” he was quoted saying by Channel News Asia.

  He added one way to “spur” innovation” is to inculcate a passion for science among youths by creating “more platforms for them to share ideas and insights with young science talents from overseas.”

  Singapore scores poorly among the 30 most developed countries in the world in terms of innovation and research according to a UBS study released last year.

  The ruling party has tried to rectify the problem by pumping in billions of dollars into R&D, especially the Life Sciences in recent years to catch up with others.

  While Japan, South Korea and Taiwan have many internationally recognized brands such as Sony, Samsung and Acer, Singapore only has Creative which was founded in the United States and even then, it appears to be struggling in the last two years or so.

  Mr Lim doesn’t seem to appreciate the fact that creativity and innovation is something which cannot be taught in schools, but is intricably linked to the external environment, education system and political situation.

  To foster creative thinking, one must first be allowed to ask questions, challenge the authorities and debunk the established order which is simply not possible in Singapore where students can get a warning from the police by wearing T-shirts printed with the pictures of White Elephants.

  The over-emphasis of the Singapore education system on rote-learning and academic grades is also not conducive to the nurturing of talented scientists, thinkers and entrepreneurs.

  Thomas Edison, Albert Einstein and Bill Gates were not all gifted academically, but ended up being the pioneers of their times.

  The ruling party always love to jump on the bandwagon of others and copy the success of other countries. Unfortunately, it fails to realize that it is part of the problem itself.

• Fantagf

  21 Jan 10, 14:03

  ok LOR, let us all not be productive.    Without productivity economy will be down, stupid dimwit LIM SWEE SAY, lim swee suay, suay tar bor!

   

• As romanista2001

  21 Jan 10, 18:51

  Lim Swee Say is a well-known snake and RETARD..............he should spend time polishing up his spoken English and use his brains more ...............he has done enough sucking and buttering up to the Lee clan already...............

   

  un-farking-believable..............these bunch of brainless, spineless clowns are paid millions to do what Ah Meng could have done for peanuts...........

• ztreyier

  21 Jan 10, 18:53

  Why are these bunch of idiots still in power?

  They are bringing ruin to Singapore.

   

• likeyou

  21 Jan 10, 18:54

  Lim Swee Say: strength of Singapore’s economy depends “not so much” on how productive we are

  Come on local sporean, lets be lazy. Dont be too productive. Govt wont appreciate it.

• Chyeo1979

  22 Jan 10, 09:04

  wah lau, so should we be cheaper, better, faster or not? make up his mind leh

• Stevenson101

  22 Jan 10, 10:05

  Thomas Edison, Albert Einstein and Bill Gates were not all gifted academically, but ended up being the pioneers of their times.

  Yes they were all gifted academically, in fact so gifted that the education system then were not capable of coping with them.

  Wished people would stop using them as examples.

• Arapahoe

  22 Jan 10, 11:46

  First of all Productivity is an economics indicator that reflect  the health of the Economy.  

  I thought he started Cheaper, Faster, Better....than now he decided that innovation is the key for SG Economics growth?

  I am begining to wonder if he is BOZO....the new Clown....or he took excessive Prozac ?

  I wish our media has more political cultured and asked him so what is the grand plan by importing medicore PRC and others would help to achieve the "Innovation" Stage that we need?  

   

• Fantagf

  22 Jan 10, 11:50

  Originally posted by Stevenson101:

  Yes they were all gifted academically, in fact so gifted that the education system then were not capable of coping with them.

  Wished people would stop using them as examples.

  
  Why resort to abuse these great people to support their not glorifying actions and words?

• angel7030

  22 Jan 10, 11:55

  Hahaha....how come this time got no song to go along.

  Minister without portfolios, what you expect?? say what also can, afterall, he is running a non profit organisation and yet being paid Millions, where in the world can u find a non profit organisation, which undoubtly gives no pressure and stress and still able to earn millions in paid??

  Hmmm...at least the Renci monk is better than him lor. 

• noahnoah

  22 Jan 10, 11:55

   

  Sg also got many well know brand

  Like

  Katong laska

  Bread will talk

  Four or No leaves

  not very xiang bbq pork

• angel7030

  22 Jan 10, 11:56

  Originally posted by Fantagf:

  ok LOR, let us all not be productive.    Without productivity economy will be down, stupid dimwit LIM SWEE SAY, lim swee suay, suay tar bor!

   

  
  he can be a gay ya, so dun tar bor tar bor first...

• angel7030

  22 Jan 10, 11:56

  Originally posted by noahnoah:

   

  Sg also got many well know brand

  Like

  Katong laska

  Bread will talk

  Four or No leaves

  not very xiang bbq pork

  
  and also NTUC..Until YOU C (die)

• Fantagf

  22 Jan 10, 11:57

  Originally posted by angel7030:

  
  he can be a gay ya, so dun tar bor tar bor first...

  
  possible.  like that pinky, rumour has it he is a gay. 

  oh no, we gotta get this right.   A gay is also a man.

• angel7030

  22 Jan 10, 12:01

  Originally posted by Fantagf:

  
  possible.  like that pinky, rumour has it he is a gay. 

  oh no, we gotta get this right.   A gay is also a man.

  
  gay can also be a girl mah...

• Stevenson101

  22 Jan 10, 13:55

  Originally posted by Fantagf:

  
  Why resort to abuse these great people to support their not glorifying actions and words?

  Abuses?

  The guy who wrote that article are the one abusing them. All 3 of them have well above average intellect and there is no basis for say they have not done well academically.

   

   

• Fantagf

  22 Jan 10, 14:00

  Originally posted by Stevenson101:

  Abuses?

  The guy who wrote that article are the one abusing them. All 3 of them have well above average intellect and there is no basis for say they have not done well academically.

   

   

  
  Yes, the guy has.  But I also have come across some others abusing these .

• angel7030

  22 Jan 10, 14:00

  Originally posted by Stevenson101:

  Abuses?

  The guy who wrote that article are the one abusing them. All 3 of them have well above average intellect and there is no basis for say they have not done well academically.

   

   

  that mean that guy must be top intellect, while the 3 of them are just above average intellect....hmmm..1 top intellect abuses 3 just above average intellect peoples, correct.

• Arapahoe

  22 Jan 10, 14:02

  Originally posted by Stevenson101:

  Abuses?

  The guy who wrote that article are the one abusing them. All 3 of them have well above average intellect and there is no basis for say they have not done well academically.

   

   

  The effect of Prozac.....

• Malminderjit

  22 Jan 10, 14:08

  Challenges Facing Singapore's Economy (Part 4) - Implications of Rising Costs on Businesses (From Insights-asia.blogspot.com)

  In my previous post, I explained how Singapore has moved rapidly up the value chain based on international comparisons of the Manufacturing Value-Added (MVA) data. Many may look at this as less of a problem and more of a positive sign as having a higher MVA indicates progression in manufacturing activity. Critics may also argue that since we are being presented with these opportunities to upgrade, there is no reason to turn them away and should instead embrace them.
  

  
  

  The point is that moving up the value-chain too quickly has forced business costs in Singapore to rise rapidly. This is reflected by higher unit business costs here as unit labour costs in Singapore increased by 22.8 percent in 2007 to 2008. This is enormous when compared to corresponding figures of 0.4 percent and 2.8 percent in Japan and US respectively, not to mention the drop in Korea’s unit labour costs by 0.3 percent.
  

  
  

  
  

  
  

  
  

  Moreover, the rising labour costs in Singapore are not directly a result of higher productivity. Comparing the productivity growth rates released by the International Labour Organization, Singapore’s productivity increased by 3.7 percent from 1980 to 2002, thus showing that its productive efficiency is increasing at a slower rate than its MVA growth as well as its rising business costs. We can conclude from this that Singapore’s rapid rate of rise up the manufacturing value chain has contributed to higher unit labour costs here, and consequently higher business costs, which have not been compensated by a substantial increase in productivity. If we are to continue on this trend of moving up the value chain quickly, then we should at least ensure that productivity gets a greater push so that higher labour costs can be substantiated for our SMEs and MNCs.
  

  Adapted from the blog Insights-Asia. To read more such posts, visit:

  insights-asia.blogspot.com
• angel7030

  22 Jan 10, 14:14

  Originally posted by Malminderjit:

  Challenges Facing Singapore's Economy (Part 4) - Implications of Rising Costs on Businesses (From Insights-asia.blogspot.com)

  In my previous post, I explained how Singapore has moved rapidly up the value chain based on international comparisons of the Manufacturing Value-Added (MVA) data. Many may look at this as less of a problem and more of a positive sign as having a higher MVA indicates progression in manufacturing activity. Critics may also argue that since we are being presented with these opportunities to upgrade, there is no reason to turn them away and should instead embrace them.
  

  
  

  The point is that moving up the value-chain too quickly has forced business costs in Singapore to rise rapidly. This is reflected by higher unit business costs here as unit labour costs in Singapore increased by 22.8 percent in 2007 to 2008. This is enormous when compared to corresponding figures of 0.4 percent and 2.8 percent in Japan and US respectively, not to mention the drop in Korea’s unit labour costs by 0.3 percent.
  

  
  

  
  

  
  

  
  

  Moreover, the rising labour costs in Singapore are not directly a result of higher productivity. Comparing the productivity growth rates released by the International Labour Organization, Singapore’s productivity increased by 3.7 percent from 1980 to 2002, thus showing that its productive efficiency is increasing at a slower rate than its MVA growth as well as its rising business costs. We can conclude from this that Singapore’s rapid rate of rise up the manufacturing value chain has contributed to higher unit labour costs here, and consequently higher business costs, which have not been compensated by a substantial increase in productivity. If we are to continue on this trend of moving up the value chain quickly, then we should at least ensure that productivity gets a greater push so that higher labour costs can be substantiated for our SMEs and MNCs.
  

  Adapted from the blog Insights-Asia. To read more such posts, visit:

  insights-asia.blogspot.com

  
  Dear Malminjet Singh,

  Dun worry, our govt know what to do,...business cost will rise more further when the job credit end in June, not truly on satistics alone, and beside, in what empirical survey been done to compound these satistics, our govt can move about the GDP without a clear formula, so dun worry, as my MP said, " when the ship arrive, it will automatically align itself along the bank"

• reyes

  23 Jan 10, 13:44

  lim swee say now then realise we need to be innovative to succeed?

  singapore are too focus on being the supplier of world renowned brand instead of creating our own.

   

  creative and osim has initial success but had fail big time recently.

   

  maybe afterall, we are just famous at building oil rigs, shopping center nia.

   

• Miracles&Prophecies

  23 Jan 10, 14:36

  your govt is confused and trying to experiment on different policies . . . .
• 4sg

  23 Jan 10, 19:25

  This Lim Sway Sway is a comical clown, went to Insead and talked like Godfather of labour movement instead of a minister of labour movement.

  He has forgotton that he was voted into Parliament - not mandated by heaven.

• charlize

  23 Jan 10, 21:43

  I say we all stare at our CPF statements to feel rich.