Big Challenge for Singapore to Boost Productivity

In an interview with The Australian newspaper last week, Prime Minister Lee Hsien Loong said a major challenge Singapore faces in growing its economy is improving productivity and transforming "old activities into new and more relevant and competitive ones".

He added that the task is arduous as productivity growth is slowing and nobody quite understands why, although various explanations have been given for it.

Mr Lee also noted that information technology (IT) has fallen short in raising productivity. While IT has changed lifestyles and the quality of life, it has yet to show up in improving performance. He hopes it will happen eventually - "whether it is your hospitals getting scans read by a smart program faster and more reliably, or whether it is delivering your groceries and your daily necessities, logistics more efficiently."

But people would need to change the way they do business, Mr Lee said. "It is not just doing the same thing a little bit faster. And that's tough, and that means there will be losers and the losers will yell. So, that is one big challenge."

How should people change the way they do business? How can we harness on information technology to improve our productivity?

Share your thoughts with us!

Source: “Big challenge for Singapore: Boosting productivity” (The Straits Times, 20 Nov 2015)

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