LifeStyle Updates: Economists weigh in after Tesla CEO Elon Musk says Singapore is ‘going extinct’ amid low birth rate

URL: https://www.businesstimes.com.sg/companies-markets/economists-weigh-after-tesla-ceo-elon-musk-says-singapore-going-extinct-amid-low-birth-rate

Summarized:

Tesla CEO Elon Musk recently remarked that Singapore is “going extinct” due to its low birth rate, drawing attention to the nation’s demographic challenges. Singapore’s fertility rate hit a historic low of 0.97 in 2023. Economists note that automation, foreign labor, and productivity improvements are essential to counter the shrinking workforce, but human roles remain crucial in some sectors. Policies like extended paternity leave and affordable childcare aim to address the issue. Experts highlight the need to balance long-term demographic concerns with immediate quality-of-life priorities.