Population crunch threatens Singapore's miracle economy
Labor restrictions might be an 'overkill'.
Singapore's intense population crunch threatens the island-state's jubilee year, according to a report by Reuters.
Reuters highlighted that in five years, Singaporeans retiring will exceed those starting work. By 2025, the population could contract. The outcome: hiring gets tougher, firms move out and Singapore's miracle economy gazes into a less lustrous future.
Chua Hak Bin, head of emerging Asia economics for Bank of America Merrill Lynch, said the foreign labor restrictions may have reached a point of being an "overkill".
Read the report in full here.