SINGAPORE (Mar 12): Singapore’s Ministry of Manpower (MOM) warned Thursday that the labour market outlook for 2020 is “uncertain” amid the evolving novel coronavirus (Covid-19) outbreak and other global economic uncertainties.
“As the overall economic growth is projected to moderate, the outlook for the labour market is expected to be subdued,” MOM said in a statement.
It noted that the Ministry of Trade and Industry (MTI) has downgraded Singapore’s GDP growth forecast for 2020 to “-0.5 to 1.5%”, with growth expected to come in at around 0.5%, the mid-point of the forecast range.
In 2019, total employment excluding Foreign Domestic Workers (FDW) grew by 57,000 – the largest increase in the past five years.
MOM said this reflects continued growth in local employment, and foreign worker increases in the construction industry.
Local employment growth rose to 28,300 in 2019, slightly higher than the 27,400 recorded in 2018. For read more, kindly click the subject link.