Singapore’s Population Needs to Grow, Not Grow Old
Singapore’s population growth policy and planners needs to take a hard look at our Japanese counterparts. Japan is a classic example of a silver tsunami. An ageing and declining population has far more repercussions for the society and the general economy. The rapid decline of Japanese consumer electronics giants with the likes of Sony, Panasonic and Sharp that were once household names, tells us that Japanese without population growth and immigration is already a chronic economic pain.
Singapore Current Total Population
Singapore’s low Fertility Rate of 1.2 is just not sustainable for long term economic growth and economies of scale, which will ultimately lead to a shrinking workforce and tightness in the labour market. With life expectancy expected to increase, a typical 65 year old today can expect to live for another 20 years more, putting huge demands on healthcare services.
Singapore may have one of the world’s highest Gross National Income (PPP) per capita in the world, but how we can remain competitive and stay on top of the game? In a globalised digital world, in order to compete against regional powerhouses, Singapore needs to have more people to contribute to our population growth rate. More people means more business and more customers. The real estate market is not just about good location, it’s all about population, population and more population.
Singapore cannot just be a place for safe haven or tax haven shelter. It should be a place like a Xanadu.
“It is the healthy wealthy corner. That’s where people want to live. I live there myself. It’s a nice place”