FOREIGN LABOR AND ECONOMIC GROWTH POLICY OPTIONS FOR SINGAPORE

Prior to the Asian economic crisis in 1997, Singapore's official projected medium-term GDP growth target was set at 7% per annum. Since then, the targeted growth rate has been reduced to 5%. This paper examines the implications of the 5% growth target on the labor requirements of the Singapore economy. It is shown that the projected resident labor force will not be able to keep pace with the increased labor demand and the share of foreigners in the labor force will increase significantly even under the most favorable scenario. Some implications of the increased dependence on foreign labor in Singapore are discussed. With permanent immigration fixed at the current level, various policy options and their effects on the demand for foreign labor are considered. These include improving labor productivity, raising the total fertility rate, increasing labor force participation of older workers and lowering the targeted rate of economic growth.

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Implications of higher retirement age for the labor market

Voprosy Ekonomiki ◽

10.32609/0042-8736-2017-3-22-39 ◽

2017 ◽

pp. 22-39 ◽

Cited By ~ 8

Author(s):

M. Ivanova ◽

A. Balaev ◽

E. Gurvich

Keyword(s):

Economic Growth ◽

Labor Market ◽

Labor Supply ◽

Labor Force ◽

Labor Demand ◽

Retirement Age ◽

Demographic Trends ◽

Men And Women ◽

Demographic Projections ◽

The Impact

The paper considers the impact of the increase in retirement age on labor supply and economic growth. Combining own estimates of labor participation and demographic projections by the Rosstat, the authors predict marked fall in the labor force (by 5.6 million persons over 2016-2030). Labor demand is also going down but to a lesser degree. If vigorous measures are not implemented, the labor force shortage will reach 6% of the labor force by the period end, thus restraining economic growth. Even rapid and ambitious increase in the retirement age (by 1 year each year to 65 years for both men and women) can only partially mitigate the adverse consequences of demographic trends.

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Secular Stagnation? The Effect of Aging on Economic Growth in the Age of Automation

The American Economic Review ◽

10.1257/aer.p20171101 ◽

2017 ◽

Vol 107 (5) ◽

pp. 174-179 ◽

Cited By ~ 51

Author(s):

Daron Acemoglu ◽

Pascual Restrepo

Keyword(s):

Economic Growth ◽

Labor Force ◽

Labor Force Participation ◽

Older Workers ◽

Negative Relationship ◽

Aging Population ◽

Demographic Changes ◽

Negative Effects ◽

Secular Stagnation

Several recent theories emphasize the negative effects of an aging population on economic growth, either because of the lower labor force participation and productivity of older workers or because aging will create an excess of savings over desired investment, leading to secular stagnation. We show that there is no such negative relationship in the data. If anything, countries experiencing more rapid aging have grown more in recent decades. We suggest that this counterintuitive finding might reflect the more rapid adoption of automation technologies in countries undergoing more pronounced demographic changes and provide evidence and theoretical underpinnings for this argument.

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HRD or manpower policy? Options for government intervention in the local labor market that depends upon a foreign labor force: the Saudi Arabian perspective

Human Resource Development International ◽

10.1080/1367886022000041967 ◽

2004 ◽

Vol 7 (1) ◽

pp. 123-135 ◽

Cited By ~ 14

Author(s):

Adel S Al Dosary

Keyword(s):

Labor Market ◽

Labor Force ◽

Government Intervention ◽

Saudi Arabian ◽

Policy Options ◽

Local Labor Market ◽

Manpower Policy ◽

Foreign Labor

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Economic Growth and Socioeconomic Sustainability in BRICS Countries: A Vector Error Correction Modeling Approach

Journal of Economics and Behavioral Studies ◽

10.22610/jebs.v13i3(j).3122 ◽

2021 ◽

Vol 13 (3(J)) ◽

pp. 1-23

Author(s):

Olawumi Dele Awolusi

Keyword(s):

Economic Growth ◽

Resource Curse ◽

Active Role ◽

Negative Influence ◽

Policy Option ◽

Policy Implications ◽

Policy Options ◽

Causality Test ◽

Brics Countries ◽

Growth Policy

A major problem to the BRICS goal of achieving sustainable economic growth for members is the increasing level of socioeconomic inequality in the bloc. Consequently, the purpose of this study is to understand the influence of economic growth on socio-economic sustainability in the BRICS countries, using a yearly dataset from 1990 to 2019. A multivariate co-integration technique by Johansen and Juselius and Granger causality test were used to establish the relationships. Findings confirmed co-integration and short-run causal relationships. The most interesting results were the negative influence of economic growth on socio-economic inequality, tacit support for the resource curse hypothesis. The paper concluded that a common policy option was not possible and that for the block to pursue its economic prosperity goals without compromising individual countries' needs for socioeconomic sustainability, varied policy options were inevitable. The policy implications and recommendations are straightforward: the radical legal basis for the transition from natural resource export, as well as, sweeping regulation for the sustainable usage of natural resources protection, strict penalties on violations of environment-related laws and policies to enhance, general country-wide support. In addition, there may be an urgent need to define the active role of NGOs and other independent institutions in promoting socioeconomic equality (sustainability) practices and concepts at both local and national levels, enhanced social programs; market development, Integration of existing policies and creation of societal culture. Consequently, to the best of the researcher’s knowledge, no study has investigated comprehensibly (along with multiple determinants) the sustainability of growth policy options within BRICS with an aim to proposing socioeconomic sustainability and growth policy options.

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Managing older workers during a period of tight labour supply

Ageing and Society ◽

10.1017/s0144686x12000566 ◽

2012 ◽

Vol 33 (1) ◽

pp. 16-43 ◽

Cited By ~ 19

Author(s):

PHILIP TAYLOR ◽

CHRISTOPHER MCLOUGHLIN ◽

ELIZABETH BROOKE ◽

TIA DI BIASE ◽

MARGARET STEINBERG

Keyword(s):

Economic Growth ◽

Public Sector ◽

Older Workers ◽

Policy Making ◽

Labour Supply ◽

Population Ageing ◽

Economic Cycle ◽

Medium Term ◽

Employer Attitudes ◽

Strong Orientation

ABSTRACTThis article reports on a recent survey of employer attitudes and policies towards older workers in Australia at a time of sustained economic growth and ongoing concerns about labour shortages. Findings from a survey of 590 employers with more than 50 employees in the State of Queensland point to an unusually strong orientation towards the recruitment of older workers among respondents, although the retraining of older workers is not prioritised by the majority. The issue of workforce ageing is viewed as being of medium-term importance by the majority of respondents, although for a substantial number the issue is of immediate concern. Both sector and organisation size are predictive of the application of a broad range of policies targeting older workers, with public-sector and larger organisations more likely to be active. Concerns about workforce ageing and labour supply are predictive of employer behaviours regarding older workers, suggesting that sustained policy making may be emerging in response to population ageing over and above more immediate concerns about labour shortages and that this broad thrust of organisational policy making may be immune to the point in the economic cycle. This study found no evidence that the flexible firm will not countenance an ageing workforce.

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Production capacity of Russian industry: Potential of import Substitution and economic Growth

Voprosy Ekonomiki ◽

10.32609/0042-8736-2015-6-5-24 ◽

2015 ◽

pp. 5-24 ◽

Cited By ~ 5

Author(s):

B. Zamaraev ◽

T. Marshova

Keyword(s):

Economic Growth ◽

Import Substitution ◽

Production Capacity ◽

Current Level ◽

High Tech ◽

Industrial Growth ◽

Russian Industry ◽

Technological Modernization ◽

Capacity Structure ◽

Idle Capacity

The article examines the state of production capacity of Russian industry. It is shown that in spite of certain positive shifts, the rate of technological modernization in recent years has been insufficient for marked progressive changes in the capacity structure and quality. In contrast to the industrial growth after the crisis of 1998 that took place in the presence of significant reserves of capacity, the current level of idle capacity is much lower. The lack of mass input of modern and high-tech industries objectively limits the possibilities of import substitution and economic growth.

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