Growth in one of Asia's most prominent economies has reached "a structural tipping point," according to rating agency Moody's, and it remains to be seen how successful government efforts will be in reversing the slowdown.
No, it's not China but tiny Singapore.
Gross domestic product (GDP) in the financial hub has more than halved over the past five years. After logging an average annual growth rate of 6.2 percent between 2000 and 2010, GDP expanded just 2 percent last year, from 3.3 percent in 2014.
Enhanced productivity is key to higher growth going forward, Moody's said in a new report—a thought reflected in ongoing government efforts to boost workers' skills, implement fiscal incentives for companies to improve efficiency and tighten foreign labor inflows.
In January, two new statutory boards, SkillsFuture and Workforce Singapore, were created to promote the national focus on skills and employment. Under the former, Singaporeans aged 25 and above receive about $356 in credits to use on courses and training programs.