Lessons we won’t learn?
A piece on Bloomberg about Singapore’s imminent labour crisis:
In Singapore, immigration restrictions can partly explain an expected drop in working age population growth from 2027, even as Kuijs [Louis Kuijs, Head of Asia Economics at Oxford Economics] credits foreign labor inflows for helping boost that pool over the last decade.
The grim rule of thumb for the [Asia] region: A 1-percentage-point decline in labor supply growth in any of these areas would shave off a half-point to two-thirds of a percentage point in GDP growth.
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