Singapore must accept slower rate of labor growth, says central bank chief

"We must accept a lower rate of labor force growth," said Ravi Menon, managing director of the Monetary Authority of Singapore, in a speech on the impact of Singapore's ageing population on its economy.

"The underlying demographic slowdown is so severe that it is neither feasible nor desirable to try to offset it completely through immigration of foreign workers."

(Reporting by John Geddie and Masayuki Kitano; Editing by Shri Navaratnam)