SINGAPORE – Singapore’s unemployment rate dropped for the fourth consecutive month in February as the economy continued its recovery, said the Manpower Ministry.
The overall jobless rate fell to 3.0% that month from 3.2% in January.
Resident unemployment – referring to citizens and permanent residents – declined to 4.1% from 4.3% in the same period.
The unemployment rate peaked last September and persisted through the following month, before seeing a steady decline in November.
Under the Jobs Growth Incentive (JGI), payouts were made to 27,000 employers, who collectively hired 130,000 locals in the first three months of the scheme’s implementation.
Local analysts said business sentiment is picking up, with the effective management of the Covid-19 pandemic allowing more employees to return to the workplace.
The government’s support, including via JGI, and policy tweaks that favour Singaporeans are among the factors contributing to falling unemployment.
Singapore’s economy is expected to contract only slightly in the first quarter of the year, as activity continues to recover from a coronavirus-induced shock, according to a Reuters poll, with the central bank expected to stand pat in its policy review next week.
Its gross domestic product is expected to ease 0.2% in January-March from the same period a year ago.
The outlook for manufacturing and exports is positive in 2021 amid resilient demand for semiconductors and electronic products, while construction should rebound, said Maybank Kim Eng economists.
They said services will likely see a gradual revival as social-distancing rules are relaxed and the borders begin reopening in the second half of the year to vaccinated travellers. – Bernama, April 12, 2021
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