Singapore must accept slower rate of labor growth, says central bank chief

SINGAPORE (Reuters) – Slower rates of labor force growth in Singapore are unavoidable, the city-state’s central bank head said on Monday, and any attempt to completely offset it by increasing foreign workers is “neither feasible nor desirable”.

“We must accept a lower rate of labor force growth,” said Ravi Menon, managing director of the Monetary Authority of Singapore, in a speech on the impact of Singapore’s ageing population on its economy.

“The underlying demographic slowdown is so severe that it is neither feasible nor desirable to try to offset it completely through immigration of foreign workers.”

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