Singapore's Ministry of Manpower announced on Thursday that the outlook for the labour market is expected to be subdued in 2020, as the overall economic growth is projected to moderate.
Singapore's Ministry of Trade and Industry has downgraded the city-state's GDP growth forecast for 2020 to "-0.5 to 1.5 percent" in February, with the growth expected to come in at around 0.5 percent, the mid-point of the forecast range.
But the Ministry of Manpower said in the Statement on Labour Market Developments in 2019 that despite of the moderation projected in the overall economic growth, there are pockets of relative strength in the Singapore economy which will continue to provide job opportunities.
It said that the construction sector, for example, is projected to post steady growth given the rebound in construction demand since 2018. Meanwhile, the information and communications sector is also expected to remain resilient, supported by sustained demand from businesses for IT solutions as they continue to restructure and transform.
According to the statement, Singapore's labour market held up in 2019. Compared with 2018, local employment growth increased from 27,400 to 28,300. Retrenchments remained low at 10,690 with the re-entry rate of affected workers improving slightly from 63 percent in 2018 to 64 percent in 2019.
Singapore citizens also continued to earn higher incomes in the recent five years. However, overall unemployment rates edged up to 2.3 percent and the ratio of job vacancies to unemployed persons declined from 1.09 in December 2018 to 0.84 in December 2019.
Source: China ASEAN Business Council