Singapore's land and labor limits will “increasingly constrain” its economic expansion and the city state must adjust to lower growth rates as compared to the last two decades, Defence Minister Ng Eng Hen said.
The island’s citizen workforce will begin shrinking starting in 2020 for the first time in its history, and the nation needs to improve social services and health care programs to help a larger elderly population, Ng said in prepared remarks for a speech in Parliament today. He spoke as Leader of the House.
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