Singapore's labour productivity expected to rise this year on faster economic growth
Singapore's labour productivity will likely show a slight improvement this year, as the economy strengthens and more companies are implementing measures to boost their productivity, the Ministry of Trade and Industry said.
The MTI on Monday said it expects Singapore's economic expansion to continue improving slightly throughout the rest of the year, and raised its full-year growth forecast to 2.5 to 3.5 per cent, up from the previous projection of 1 to 3 per cent.
Labour productivity declined by 0.3 per cent in the second quarter compared with the same period a year ago, but the pick-up in the economy will help to raise productivity for the year, said MTI Permanent Secretary, Mrs Ow Foong Pheng.
Nonetheless, the Government will also take steps to ensure that companies are continuing to adopt better practices to keep up with the economy's restructuring process, she added,