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backASIAtalk January, 2010

Singapore's Expat Surge Fuels Economic Fears

Singapore’s policies that make it easy for foreigners to establish residency succeeded in attracting bankers and other expatriates as well as low-skilled laborers from developing countries, helping the country to post annual growth of 6.8 percent between 2003 and 2008.

But it has also kept low-skilled wages low while inflating real estate and other prices, widening the gap between rich and poor.

There is no minimum wage and foreign workers often live for free in company housing, but native Singaporeans must pay for housing, making them poorer than foreigners who work for the same wage.

A local website warns that Singaporeans could be turned into third-class citizens and that immigration will be the biggest issue in the 2011 elections.

Some experts recommend the country limit immigration and behave more like a mature economy such as the U.S. or Europe.

Prime Minister Lee Hsien Loong has promised to cut immigration and the government is conducting a study of the effect of immigration and ways to reduce the country’s reliance on exports, but insiders say it is unlikely this will produce much change because the government still wants to boost the population to 6.5 million and will not want to hurt factory owners and real estate developers that fuel the economy.

Source: GLOBALITY Magazine - GAI

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