UOB's Economist Wack Sinkapore - Productivity growth is near zero since 2010!

[Pinkieslut]

TIME TO OPEN FLOODGATE FOR THE MORE PRODUCTIVE FTs!

When interviewed by media about the state of economy, United Overseas Bank (UOB) economist Francis Tan said that Singapore’s productivity growth has been near zero since 2010.

“If you look at the economic growth of Singapore on a yearly basis, since 2011, the growth rate has been smaller and smaller… the average productivity growth from 2010 to 2014 was near zero.”

Singapore productivity growth for the 6 years between 2009 and 2015 is only a measly 2.7%. The influx of cheap foreign labour in 2009 depressed wages and productivity as Singapore employers prefer to hire more labour than put money into labour-saving technologies like machines and software. In the construction sector, a Bangladesh general worker cost only around S$600 in monthly wages and another S$160 for government levies. This is still cheaper than the average salaries of unskilled Singaporean workers which is at S$1,000 (cleaners and security guards).

In 2010, Prime Minister Lee Hsien Loong started telling businesses to grow productivity. However 6 years later today, the prostate cancer patient still failed to get it up. In 2015, Manpower Minister Lim Swee Say simplified the country’s GDP system and equate GDP to productivity and manpower. Minister Lim stuttered his explanation and reiterated the need for productivity growth as the primary driver for GDP.

The Singapore government will be announcing its Budget for FY2017 this Thursday (Mar 24) and business lobbyists have submitted their wishes, ranging from tax cuts to more government grants, to the ruling party PAP via MPs with vested business interests. Nee Soon PAP MP Lee Bee Wah is a director of a construction company that take up HDB projects in her constituency. More government grants, tax cuts and reduction of foreign workers’ levies will directly benefit MP Lee Bee Wah’s company and indirectly into her own pockets.

Tax companies like Ernst & Young and KPMG are calling for the government to lower income taxes for the rich, while property developers are lobbying to remove the property cooling measures by claiming that the property sector is crashing. Singapore Business Federation is telling the government not to raise the Minimum Wage, and hoping that the government loosen the immigration floodgate so businesses can continue to enjoy the influx of cheap foreign labour.

 

[Leongsam]

Same applies to UOB with all those useless people running the bank.

 

[jw5]

In 2015, Manpower Minister Lim Swee Say simplified the country’s GDP system and equate GDP to productivity and manpower. Minister Lim stuttered his explanation and reiterated the need for productivity growth as the primary driver for GDP.

Ever since Zorro was given more things to do, it's been downhill all the way. The only way up is to let Zorro do what he does best - be the best clown extraordinnaire that he is.

 

[Leongsam]

Ever since Zorro was given more things to do, it's been downhill all the way. The only way up is to let Zorro do what he does best - be the best clown extraordinnaire that he is.

He's a great singer.

 

[jw5]

He's a great singer.

He is slightly better than Sun Ho.

 

[po2wq]

He is slightly better than Sun Ho.

but he lost wif a lengthiness challenged face ...

 

[jw5]

but he lost wif a lengthiness challenged face ...

They both have ugly faces, unless you happen to like horses or gremlins.

 

[eErotica69]

Same applies to UOB with all those useless people running the bank.

You want to qualify your claim?

 

[Rogue Trader]

You want to qualify your claim?

Among the local banks, I would say only Dbs is progressive enough to invest in technology. The rest are chinaman shops which are unwilling to modernise their way of workinig.

 

[eErotica69]

Among the local banks, I would say only Dbs is progressive enough to invest in technology. The rest are chinaman shops which are unwilling to modernise their way of workinig.

Actually, I thought all 3 local banks sama sama.

I ok with DBS excpt thier ATM queue damn long. So I went for UOB and OCBC.

 

[johnny333]

I don't use any of the local banks. Prefer using a Malaysian & US bank. These banks provide seats while you wait.

 

[eErotica69]

I don't use any of the local banks. Prefer using a Malaysian & US bank. These banks provide seats while you wait.

You mean you still do banking at Branches?

 

[jw5]

I don't use any of the local banks. Prefer using a Malaysian & US bank. These banks provide seats while you wait.

Nowadays, most local banks provide seats while you wait too. If you are a priority/premier customer, they even provide drinks.

 

[JHolmesJr]

Productivity comes from a talented workforce with standards. Staffing up with low rent fucktards from philippines, china, india and myanmar (for fucks sake) is not the answer.

 

[Thick Face Black Heart]

The reason for the low productivity is unbridled influx of cheap labour. Not the kind needed to construction sites and foreign domestic helpers. I'm talking about white collar foreign PMETs who do not bring skills into Singapore that Singaporeans don't already have.

In a correctly executed foreign manpower policy, the PROPER reason for importing foreign PMETs SHOULD BE that Singaporeans are already gainfully employed in full time permanent positions, and yet some sectors face a shortage. OR, some sectors can't find qualified Singaporeans with some unique skill set and they need to import foreigners with those special skill sets.

Unfortunately neither has been the reason why the floodgates to foreign PMETs has been swung wide open by the PAP. Foreign PMETs who come to Singapore are those who can't make it in US, Australia or Europe - essentially rejects who can't score in the 1st world economies. They don't add value by bringing in skill sets that Singaporeans lack. They only add to the company's bottom line by offering themselves at the lower price.

So in essence what has happened is that the whole country's labour force is competing basically on price as the main decision variable. Tell me what will happen to productivity. It will f'king plummet. At that was what happened.

So you have:

(i) PAP ministers telling Singaporeans that degree is useless

(ii) And then turning around and bringing in more foreigners to fill degree-qualification positions

See how the f'king PAP sells out born and bred Singaporeans? Its obvious, its disgusting and to me, it is f'king treason.

 

[JohnTan]

That's very strange. I just checked my books again and my company's sales and profits have been increasing by 15% per year for the past few years. Clearly productivity must have gone up year-on-year for this to happen.

 

[JHolmesJr]

That's very strange. I just checked my books again and my company's sales and profits have been increasing by 15% per year for the past few years. Clearly productivity must have gone up year-on-year for this to happen.

Is it possible you might be struggling with alzheimers in addition to your dyslexia?

 

[Poseidon]

That's very strange. I just checked my books again and my company's sales and profits have been increasing by 15% per year for the past few years. Clearly productivity must have gone up year-on-year for this to happen.

Which entries you looking at huh????

DR Impairment of receivable 1mil
CR Account Receivable 1mil

 

[iluvgst]

Is it possible you might be struggling with alzheimers in addition to your dyslexia?

johntan is struggling with his stupidity. profit is not productivity.

 

[JHolmesJr]

johntan is struggling with his stupidity. profit is not productivity.

Of course wat...he wears white pant white shirt to work.