Singapore: Our unemployment rate reached the best in 14 year

Few days ago, we had a damning report that unemployment in Spain has hit 22.8%, where 1 out of every 4 workers in Spain is unemployed. The most brutal stats is that for those under age of 25, the unemployment rate hit a whopping 48.5%, which effectively mean half of young Spaniards have no job. Spain also reported that it now has 1.6 million jobless households in which none of the family member works.

But across Asia, another country whose name similarly begin with ‘S’ is doing pretty well. Supported by strong employment creation and carefully planned economic policies, Singapore’s unemployment rate has declined to the lowest in 14-year with the creation of 121,300 new jobs last year.

Not only that, the Singaporean Manpower Ministry said the median income of Singaporeans also increased, despite the global financial crisis. Even for the poorest 20-percentile Singaporeans, real income has grown continuously over the last five years.

For the whole of 2011, the services sector added 95,100 workers, the construction sector added 22,200, while manufacturing added 2,900 jobs. The city-state practiced a system known as meritocracy, which continues to absorb the most skilled and talented workforce from Southeast Asia and the wider region.

2 out of 3 new jobs created, or 79,800, went to the most qualified foreigners coming into Singapore, said the Manpower Ministry. Local employment grew by 36,600 in 2011 ‘with slower resident population growth and most economically active residents already employed’, it said.

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The Ministry report showed that employment growth will remain strong in 2012.

Singapore’s unemployment rates now stood at 2.0%. Around the world, Taiwan’s unemployment rate is at 4.2%, the US 8.5%, 8.4% in the UK, 7.5% in Canada, 6.6% in Germany, 4.5% in Japan, 3.3% in Hong Kong, 3.1% in South Korea , 2.3% in Macau, 4.1% in China and 9.4% in India.

In Southeast Asia, Thailand remains the star-performer, with an unemployment rates stabilized at 0.7%, one of the best in the world. After being strucked by the 1997-98 financial crisis and saw its unemployment reaching 5.7% in 2001, Thailand went a long way to manage and keep down its employment rate. Thailand’s neighbor Cambodia recorded an improved 1.7% unemployment rates, but many Cambodians are believed to be self-employed in agriculture.

Vietnam unemployed fell sharply to 2.3% as the country surged forward on industrial growth. Laos, an agricultural state, has an unemployment rates of 2.5% with most of its population working on the farm.

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Malaysia unemployment rate has improved to 3.1% as the resource-rich country’s commodity-based exports rose 28% with demands from China and India skyrocketed, while Brunei worsened to 3.7% as economy stagnated under its 2035 national vision plan. Myanmar’s unemployment rate has improved to 4.1%, this is expected to improve further as the country opens up itself to the world.

Indonesian unemployment has fallen significantly to 6.6% from the likes of 9.3% few years ago as foreign investors identified the country as alternate low cost manufacturing hub to China and India. Indonesia in 2011 absorbed the highest FDI in the region after Singapore. Philippines unemployment rate remains high at 7.0% but off the peak of 7.4% during the time of global financial crisis.

East Timor, wrecked by instability and political violence, has the worst unemployment rates in Southeast Asia at 18%, but this is a considerable improvements compared to 2005 when it was 40%. The country is still in the process of rebuilding and reconstruction.

Source:

http://www.businessweek.com/news/2012-0 … arter.html

http://www.bloomberg.com/news/2012-01-3 … boost.html

http://www.straitstimes.com/BreakingNew … 61247.html

http://www.asiaone.com/News/Latest%2BNe … 24976.html

http://www.channelnewsasia.com/stories/ … 36/1/.html

So now the ministers are entitled for National Bonus :stuck_out_tongue:

But it’s a good thing for Singapore :wink: