It is a key reason for the slower growth being forecast for this
year after a 'splendid' 14.7 per cent growth last year, said
Minister Mentor Lee Kuan Yew on Friday.
'To keep up our strong performance, we needed more (foreign)
workers. This caused some disquiet. So we are slowing down the
numbers of new permanent residents (PRs). We must accept slower
growth as a result,' he told his Tanjong Pagar GRC residents
attending a Chinese New Year dinner at Tiong Bahru Community
Centre.
Still, the 4 to 6 per cent growth projected for this year is
'very good' for Singapore's mature economy, he added.
Singapore had 29,265 new PRs last year, a 50 per cent decline
from 59,460 in 2009. Also, 58,300 jobs were taken up by foreigners
last year, far fewer than the 80,000 forecast by the
Government.
In his 10-minute speech, Mr Lee also identified three key
factors crucial for Singapore's continued well-being. These are
racial harmony, a stable society to attract investors and a
high-quality people.
