Rough patch ahead for job seekers in Singapore

Now is not the best time to be quitting your job.

Economists have turned more bearish on employment prospects in 2012, expecting the economy to add net jobs of 60-65k, down from an already reduced estimate of 80-95k jobs previously.

Here’s more from CIMB:

Our economists have turned more bearish on employment prospects in 2012, though still unlikely to re-test the 2009 lows (+38k new jobs vs. 228k in 2008).

During the Global Financial Crisis, the government came in to plug employment (Job Credit Scheme) when manufacturing jobs dived and services jobs went to zero. We can expect similar initiatives if crisis strikes again.

Our economists are maintaining their 2011 new jobs forecast of 95-100k and year-end unemployment rate of 2.0% SA, having already trimmed our estimates earlier. But for 2012, they now expect the economy to add net jobs of 60-65k, down from an already reduced estimate of 80-95k jobs previously.

In Singapore, manufacturing has not been adding jobs in the last two years, so there is less to cut. Services jobs are most at risk which could have a more profound impact on housing and office space demand. Our lowered estimates assumes slower job gains in the services sector of around 50k (112k in 2006-2010), and end year unemployment of 2.3% SA on labour force growth of 2%. Possible factors that could cushion the blow include 1) new hotels still opening up and 2) more muted job cuts in Finance, vs. the western world. For example, UBS’s planned 3,500 job cuts globally see Asia contribute to only 10%.

Also Read

Four in 10 S’poreans say superiors recognise importance of payments

1 in 2 workers comfortable discussing mental health with mgmt: survey

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit