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MIL-OSI Asia-Pac: Singapore s GDP growth forecast for 2021 remains at 4-6 percent
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Singapore s GDP growth forecast for 2021 remains at 4-6 percent
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Xinhua Asia-Pacific news summary at 0800 GMT, Feb 15
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This article was first published on DollarsAndSense.sg.
2020 has been an unprecedented year with the COVID-19 pandemic. Singapore’s economy is expected to contract 6% to 6.5% in 2020, according to the Ministry of Trade and Industry (MTI). With a record drop in employment (over 100,000 people become unemployed) in the first half of 2020, the labour market has been hard hit.
Jobseekers may be disheartened facing these grim statistics. With vaccines in sight and better understanding and management of the COVID-19 pandemic, Singapore’s economy is expected to recover and grow by 4% to 6% in 2021. Likewise, the labour market sentiment is also turning positive. According to an employment outlook survey by ManpowerGroup, about 20% of employers are looking to hire more staff in 2021.