Joblessness in Singapore is at its highest level since 2010, with total unemployment hitting 2.2% in the 4th quarter as opposed to 2.1% last quarter.
This level of unemployment was last seen in the 4th quarter of 2010, when Singapore was recovering from the effects of the global financial crisis.
Although the unemployment rate is not as bad as previous economic recessions in the past, the economy’s outlook looks dim.
“Consumption growth will slow further, which will impact things like retail sales, discretionary spending,” said Credit Suisse economist Michael Wan.
In 2016, total employment increased by 16,400 or just 0.4%. This is the weakest growth since 2003 when another economic crisis had struck and total employment shrunk by 0.6%.
Economists predict Singapore’s economy will slow further this year.