Several economists have said that jobs in Singapore could be hit hard as economic weakness widens and seeps into the services sector. This is in response to the dismal economic and trade data announced by the government on Tuesday.
While the world in general is facing an economic downturn, Singapore has not been hit hard yet. However, the recent trend that saw a slower than expected growth in the Services sector is an undeniable indicator that Singapore’s economy is definitely slowing. While MOM noted that unemployment rates and retrenchments are still low and the economists agreed that the labour market has not yet shown any signs of stress, things may change if economic weakness continues to persist in the next few quarters.
This is more bad news for locals. Already challenging FTs for the jobs available in Singapore, now the economy is slowing, and jobs will be hit hard again. Means if you are a Singaporean looking for ajob now, good luck finding it