sundaymorningstaple wrote:You have completely missed my thrust with regard to Singapore. Singapore is going to start losing businesses as they find themselves priced out of the market here due to high labour costs. And the current thrust against Foreigners isn't going to help. This especially so and your neighbours here, are just waiting to roll out the red carpets to the big MNC....
I believe we are dwelling on the same concern - competitiveness of a country.
On the contrary, I believe the US industry IS competitive and innovative. She leads the world in many ways and advantages are on her. Yet she fails financially when she is at the pinnacle of power and global influence.
Why? I certainly would avoid placing blame on any one or two factors to had put US in this position.
I am note exactly sure what you meant by "current thrust against foreigners" will spell the end of Singapore industry in terms of cost-competitiveness..this is precisely Singapore does NOT want to get into!
Moving up the value-chain is the catch-phrase in all countries hoping to achieve that so-called "first world" standard. Singapore has to grow in depth and efficiency, not just about who-can-build-the-cheapest formula.
This model does not work for Singapore in the long-term. We can see that in the last decade.
The trouble with Singapore is since 2000, she has grown to be too reliant on foreign labours and investors. They have fail to harness capacity of private local and home grown enterprises. Productivity had actually fallen even with massive inflow of foreign workforce and investment.
We do not see that in other Asia-Pac economies of S.Korea or ROC.
If Malaysia/Indonesia/Phillliones are going to pull business away from Singapore with idea of cheap=good=competitiveness...well, Singapore should have been blown away much earlier on. But it didn't.
As I had said, US does not have such issue. She has those edge. What fails her is her own financial mismanagement, not because her lack of competitiveness.