SMU School of Economics Associate Dean Hoon Hian Teck commented on the employment data announced by MOM on Wednesday. He said that the tightened foreign labour policy has resulted in a labour shortage, yet at the same time, the global economic slowdown has lowered the demand in sectors such as manufacturing. This has brought about cyclical effects in the employment market. While the global economy is slowing down, Singapore’s employment market remained healthy as the cyclical effects are being offset by labour shortage. Prof Hoon added that slower job growth and higher redundancies showed that cyclical effects are becoming evident, and that the unemployment rate would gradually rise as the structural impact of the tight foreign labour market eases.
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