Tag Archives: Singapore Economy

But this closure marks an even more sinister trend. Other local businesses has closed. From cake maker Bakerzin to that seafood restaurant built that spins on top an old grain mill. Where was the government intervention to save them from such a fate?

In a 10 year plan announced during the new year in 1982, then-prime minister Lee Kuan Yew spoke of having a fully Singaporean workforce that was not dependent on foreigners by 1991. His message: “A wholly Singaporean workforce without any work permit holder at all by 1991."

Just lost my business :( Had a small business. It failed. Sianz.. I was a small time business owner.. Now dunno how to find job.

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.

According to Minister for Manpower Lim Swee Say, although the issue of foreign labor is a hot topic these days, the more critical issue is about the remodeling of the Singapore economy. As growth moderates, Mr Lim says Singapore's economy has to restructure into one that is less reliant on manpower, creates better jobs and ensures a healthy delivery of Singaporean workers, who ideally form the core (at least two-thirds) in all the major sectors.