Monday January 23, 2006

IRs "to ease structural unemployment" : NTU Prof

business-times.asia1.com.sg :

The coming integrated resorts (IRs) will help tackle the problem of structural unemployment as they will employ both blue-collar workers as well as older white-collar workers who may have been made redundant, said Nanyang Technological University (NTU) economist Tan Khee Giap. Tourism will play an increasingly larger role as the economy continues to be restructured, he said. And in this context, the IRs will help overcome structural employment as they will hire blue-collar workers as well as older white-collar workers who have lost their jobs.

But Singapore's future growth will still be most dependent on its exports, he said. 'Being a small city, we should rely on external demand.' However, with Singapore's manufacturing sector facing greater competition from China and Hong Kong increasingly becoming the offshore financial centre of choice for the mainland, Dr Tan said Singapore should adopt a more multi-pronged approach to see future growth - including paying significant attention to tourism - rather than just looking to its twin engines of manufacturing and financial services.

- "Integrated resorts" has become an euphemism for the upcoming casinos, and I still contend that doing the 180-degree turnabout and allowing them was a move borne out of desperation. But then, what other viable choices do we have, as the race to the bottom continues its downhill run?

Furthermore, from a peakoiler's point of view, tourism is at best classified as "discretionary spending". As peak oil approaches and oil prices continue their upward climb, prices of everything you need will go up in tandem. What happens to "discretionary spending" then?

(2006-01-23 19:40:47 SGT) [Biz] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out