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Unemployment Falls to 1.9% Amidst Strong Job Market in Singapore

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While most of the world is struggling to get their economies back on track, which is concerning for the global job market, Singapore’s economy is growing. According to Bloomberg Business Week, Singapore employers added more jobs than originally estimated last quarter. This was to sustain demand in the growing economy.
 
28,300 jobs were added by the city-state from January to March. This is compared to an estimate of 23,700 in a statement from the Ministry of Manpower. The seasonally adjusted unemployment rate fell from 2.2 % to 1.9%.
 
World Bank ranked Singapore as the easiest place to do business. Singapore has cut taxes to promote investment into the city state. Micron Technology Inc and Intel Corp. are two of the companies growing capacity on the island. The government is aiming to secure $11.4 billion USD of investments this year.

The government stated in a report this month, “The labor market tightened further amid healthy economic growth in the first quarter of 2011. Fewer workers were laid off and unemployment improved to a three-year low. With strong manpower demand, the ratio of job openings to job seekers rose to pre-recessionary levels.”

According to the report, 26,500 jobs were added by the services industry last quarter, and manufacturing companies increased payrolls by 100. Employment in construction increased by 1,500 in the months January to March.

Singapore’s job market is looking very healthy, with a number of industries on the rise, offering a viable option for executives based in or near the area, or for those willing to relocate.

The technology sector has a growing demand for talented executives that can help with the growth of the industry in this area. Construction is also booming, and executives with experience in this area will be required to for management projects.

With lower taxes and a growing job market, Singapore is looking like a good option for ambitious executives hoping to excel in a thriving and positive market.

Find out more about the executive job market in Singapore.

   
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This article was written by Bella Barda, Emerging Markets Assistant from the Association of Executive Search Consultants (AESC).

BlueSteps is the exclusive service of the AESC that puts senior executives on the radar screen of over 6,000 executive search professionals in over 70 countries. Be visible, and be considered for up to 50,000 opportunities handled by AESC search firms every year. Find out more at www.BlueSteps.com.

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