With the reopening of Singapore’s borders comes the return of the labour market
In Q1 2022, Singapore’s economy went up 3.4 percent year-on-year (YoY). CNA reported that it grew at a slower pace compared to the previous quarter, which had numbers going up to 6.1 percent. On quarter-on-quarter (QoQ) seasonally adjusted terms, the country’s GDP increased 0.4 percent during Q1 2022, which was lower than Q4 2021’s 2.3 percent.
Despite the threat of the Omicron variant, advance estimates still put Singapore in positive territory, said Alex Holmes, an emerging Asia economist at Capital Economics. It is expected that the easing of COVID-19 restrictions, both for domestic activity and international travel, will support the economy in the next few quarters, he noted.
“Overall, we expect growth of 4 percent in 2022. That would mean that, having hit its pre-pandemic trend in the fourth quarter of last year, GDP is set to rise above its pre-crisis trend in the coming quarters,” he added.
With the reopening of Singapore’s borders comes the return of the labour market, as foreign workers come back. This will drive job growth, outpacing local employment.
According to The Business Times, employment levels experienced continuous growth during Q1 2022, which is attributed to foreign workers in the construction sector. Q4 2021 had total employment growth of 41,100, excluding migrant domestic workers.
The Ministry of Manpower (MOM) shared that the surge in non-resident employment was mainly due to border restrictions gradually easing. The numbers were still, however, 18 percent lower than pre-pandemic levels.
Construction accounted for 21,600 of the net employment added in the quarter. Employment in the services sector increased by 11,600, excluding migrant domestic workers, while manufacturing employment increased by 7,200.
“As the improving economy continues to drive the demand for workers, we expect unemployment rates to stay low amidst a tight labour market,” emphasised MOM.
The Property Report editors wrote this article. For more information, email: [email protected].
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