This is an edited excerpt of a speech by Monetary Authority of Singapore managing director Ravi Menon at the Singapore Perspectives 2018 conference on Monday. He spoke about sustaining economic dynamism in the face of demographic challenges. Singapore has a falling total fertility rate and an ageing population. The result: a dwindling labour force, which curtails economic growth. The country thus has to consider net immigration, adding to the number of citizens and permanent residents who can live and work in Singapore. It also needs to allow good-quality foreign workers to beef up the workforce, he stressed. But in the end, economic dynamism is not just a numbers game. Raising productivity and having an open-minded, adaptable, well-educated workforce can help Singapore sustain its dynamism.