The labour market is, and will remain, tight as our local labour force growth slows down towards the end of this decade. At the same time, we will continue to keep the foreign workforce growth sustainable and allow it to grow at the current pace.
Fifty years ago, in 1965, the Gross Domestic Product (GDP) per capita of Singapore was $1,580, unemployment rate was more than 10 per cent and there was industrial unrest. In 2014, our GDP per capita was $71,300, unemployment rate was below 3 per cent and there was industrial peace.
In his closing NDOC speech, Secretary-General Lim Swee Say highlighted three main areas which the nation needs to focus on and do better in, so as to bring national productivity back to positive growth.
Our workers are good. Our economy is competitive. Most importantly, our tripartite partnership is constructive and effective. By valuing, respecting and appreciating each other more, we can work even better together to be more ready for the future.