By: Leong Sze Hian
This may arguably be rather alarming, since we are in a deflationary cycle and what really matters to Singapore and in terms of what we earn and spend is the nominal GDP.
What may be interesting to note is that the above is despite our continuing liberal foreign labour policies (employment change of only 500 local jobs against 49,000 foreign jobs in the last 18 months), and immigration policies (20,815 new citizens against 13,085 Singaporeans last year).
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