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SINGAPORE – Singapore labor market conditions remain uncertain as risks and uncertainties in the global economy persist even as the city-state’s Covid-19 situation is under control and its vaccination program is underway , said the Ministry of Manpower.
Total employment in Singapore, excluding foreign domestic workers, fell by 166,600 in 2020, the biggest drop in more than two decades, ministry data showed on Tuesday. Employment of non-residents decreased by 181,500 while that of residents increased by 14,900.
The overall average annual unemployment rate rose to 3.0% in 2020, from 2.3% in 2019, according to the data. The number of layoffs rose to 26,110 in 2020, compared to 10,690 in 2019.
Sectors looking outward from Singapore should benefit from the recovery in external demand. The information and communication services and financial and insurance services sectors are expected to continue to post steady growth, supported by sustained business demand for IT and digital solutions, and credit processing and credit services. payment, respectively, said the ministry.
The tourism and aviation sectors are likely to recover at a slower pace, due to the slow lifting of global travel restrictions and weak global demand for air travel. The city-state’s labor market recovery can be gradual and uneven across sectors, the ministry said.
Write to Ronnie Harui at [email protected]
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