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Singapore's exports recovery dragged by worker shortage
2014 could be tougher for manufacturers.
According to a report by Bloomberg, Alcotec Precision Engineering Pte. owner Colin Kua turned down almost a third of his customers’ orders last year as he grappled with Singapore’s labor shortage. This year may be tougher.
Singapore’s move to reduce its reliance on cheap overseas labor and boost productivity is crimping the ability of manufacturers like Kua to produce on the island. The fallout puts the Southeast Asian nation at risk of losing out as overseas demand strengthens this year, with recoveries in the U.S. and Europe spurring the International Monetary Fund to say it will raise its global growth forecast.
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