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Labour economists and HR specialists doubt that Singapore’s economic growth will improve the already tight labour market, according to Channel News Asia. This is despite a +3.7% economic growth, compared with the same period last year.
According to Ronnie Tan, group executive vice president of Right Management, a subsidiary of ManpowerGroup “from our own survey that we’ve done on a quarterly basis, we saw the upward trend, certainly on the labour demand aspect. We expect to see a continuous tightening and the demand for more labour is going to be on-going for the next few quarters, although we suspect that it might not be at the same level as what we saw in Q2 in GDP numbers.”
Labour productivity fell -3.7% in the first quarter, with economics predicting some improvements in Q2. Predicted productivity improvements are also expected to provide validation for wage increases in the coming year.
Unemployment in Singapore remains low, despite a slowdown in new job creation, according to the Ministry of Manpower. Unemployment rose slightly from 1.8% in December 2012 to 1.9% in March 2013.