By Jessica Cheam
Two thirds of Singaporeans will hold white-collar PMET jobs by 2030, up from half the workforce currently, a new population White Paper has projected.
Growth rates of 3 to 5 per cent may be achieved in this decade, but is likely to be more modest at 2 to 3 per cent per year from 2020 to 2030, said the new study by the National Population and Talent Division (NPTD).
To ensure there are enough good jobs to go around, Singapore needs to innovate and restructure its industries even as it improves on its productivity, said NPTD.
In its widely-anticipated White Paper, which sets out Singapore's population and immigration policies for the future, the NPTD noted that the citizen workforce will age and plateau beyond 2020.
The paper recommends a calibrated inflow of foreign workers to complement the Singaporean workforce.
As citizen workforce growth slows, the total workforce growth is also projected to slow to 1 to 2 per cent - half the average of the past 30 years.
Given this workforce growth rate, and if Singapore achieves the stretch target of 2 to 3 per cent productivity growth per year in this decade, the country can get 3 to 5 per cent GDP growth on average up to 2020.
From 2020 to 2030, with workforce growth likely at 1 per cent and productivity growth rates at 1 to 2 per cent per year, Singapore will see more modest GDP growth of 2 to 3 per cent per year.