The Monetary Authority of Singapore (MAS) and the Economic Society of Singapore (ESS) have launched an essay competition centred on the topic of productivity.

The theme is "Why is it difficult to boost productivity in Singapore? What further policy changes could help to achieve this goal?"

Writers should examine the challenges that companies face in sustaining a high level of productivity to remain competitive in a global environment, the MAS and ESS said.

"They should propose innovative approaches to boost productivity and achieve sustainable and inclusive economic growth in Singapore."

The essay competition is open to all pre-university students in Singapore, regardless of nationality, as well as pre-university Singaporean students studying abroad.

The competition also invites submissions from polytechnic, centralised institute, international school and junior college students.

The following prizes will be awarded for the three best essays:

- First Prize: $3,000

- Second Prize: $2,000

- Third Prize: $1,000

The terms and conditions and entry forms for the MAS-ESS Economic Essay Competition are available on the ESS website (http://www.ess.org.sg). The closing date for the submission of entries is May 16.