SUBSCRIBE: Newsletter

Human Resources

Toggle

Article

Economic Forecast Singapore

Labour constraints impacting GDP growth



Boost your team morale and showcase your team's achievements at the HR Excellence Awards. Benchmark yourself with the industry. View the categories and find out more.

Labour shortages are hindering growth of the local retail and food industry.

This was one of the key takeaways from a report released today by Singapore’s Ministry of Trade and Industry (MTI).

With such moderate growth expected of these labour-intensive sectors, the report narrowed 2014’s growth forecast for Singapore’s economy to a “modest pace” of between 2.5% to 3.5%.

It highlighted the Singapore economy grew by 2.4% on a year-on-year basis in the second quarter, moderating from the 4.8% growth in the previous quarter.

“On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 0.1%, slower than the 1.8% growth in the preceding quarter,” it stated.

It added the manufacturing sector grew by 1.5% year-on-year in the second quarter, while the construction sector grew at a rate of 4.4% in the same period.

Domestically-oriented sectors such as business services and information and communications were also highlighted as those expected to remain resilient, along with externally-oriented sectors such as finance and insurance, and wholesale trade.

Image: Shutterstock



Asia’s most renowned regional HR Excellence Awards is back in October in Malaysia to sieve out HR’s finest gems. Are you a diamond in the rough? View the categories and find out more.

Read More News

Trending

Leave a Reply

You must be logged in to post a comment.