SINGAPORE could raise some industries’ sluggish productivity by exporting more services, the central bank has suggested, in a half-yearly economic review issued on Friday. Read more at The Business Times.
As direct external demand made up 16 per cent of the non-tradable sector’s economic value added in 2014 - the most recent year for which the MAS had data - the report said “expanding the market base beyond Singapore could potentially provide a boost to non-tradable productivity”.The central bank also suggested boosting links between Singapore’s domestic-facing business services industries, and trade-oriented ones such as transport and storage.
Labour market conditions are still firm, the MAS said in its report, while noting that the resident unemployment rate fell from 3.1 per cent in 2017 to 2.9 per cent in 2018. The unit cost of labour is the average cost of labour - such as workers’ income - needed for each unit of economic output produced.
Growth in business costs is expected to be driven by the key labour component in 2019, with unit labour cost expected to rise by 2 per cent for the overall economy - much faster than the 0.5 per cent increase clocked in 2018.
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