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.

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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.

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In 2019, total employment excluding Foreign Domestic Workers (FDW) grew by 57,000 – the largest increase in the past five years.

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MOM said this reflects continued growth in local employment, and foreign worker increases in the construction industry.

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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.