Singapore jobless ranks predicted to swell further from 3pcBusiness | 28 Apr 2017 12:39 pm
Singapore is facing more layoffs and the jobless rate has increased, the government said today.
Manpower Minister Lim Swee Say said in a May Day message, the Singapore economy is in transition. GDP growth has slowed to about 2 percent in the past two years from an average of 4.5 per cent previously.
Retrenchment is on the rise, and resident unemployment rate has increased to 3 percent last year after holding steady at about 2.8 per cent since 2012, he said.
He said, the rise in unemployment is more gradual and remains below the previous peaks of more than 5 per cent during SARS and more than 4 per cent during the global financial crisis.
Even so, the challenges we face today are no less daunting. The transition this time is less cyclical, but more structural. Some sectors are still under stress and unemployment could rise further, he said