2-3% productivity growth aim "stretched target": S'pore Business Federation

SINGAPORE'S largest business group said yesterday that the Government's productivity goal may be difficult to achieve.

It added that companies feel that labour productivity needs time and resources to take effect. As well, it is difficult to increase productivity in some jobs.

"The 2 to 3 per cent (a year) productivity growth that Singapore is aiming for appears to be a stretched target,'' said the Singapore Business Federation (SBF).

It said that developed countries tend to achieve only 1 to 2 per cent productivity growth a year, on average, noting that Singapore is a developed nation.