This refreshed economic strategy is enabled by Singapore's Industry Transformation Maps framework, which were implemented from 2017 to restructure the economy sector by sector, with good progress, he said.
Between 2016 and 2019, overall productivity, measured by real value-added per actual hour worked, rose by 2.4 per cent per year, he said, which is an improvement over the 2.2 per cent seen in the preceding three-year period. Real median income for Singaporeans grew by 3.7 per cent in the last three years, up from 3.2 per cent in the preceding three years, he said. At the same time, incomes at the 20th percentile grew by 4.4 per cent per year in the past three years, up from 4 per cent in the preceding three years.
Before the Covid-19 pandemic, Singapore's resident unemployment rate was at 3.2 per cent as at end-2019, he said. Meanwhile, the SkillsFuture movement, launched in 2015, as well as Singapore's Research, Innovation and Enterprise 2020 plan also support Singapore's ITM work by strengthening Singaporeans' foundations of skills and innovation, said Mr Heng.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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