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Singapore, the smallest nation in Southeast Asia, has also felt the effects of the global economic downturn. Recent data suggests that it weathered the economic storm fairly well.
Singapore’s Ministry of Manpower recently released its 2009 labor force survey which covers trends from mid-2008 until June 2009.
The survey found that the resident labor force grew 3 percent from the previous year bringing the total number of workers to just under 2 million. However, employment fell for the first time in six years amongst the general working age population, 25-64 year olds, to 75.8 percent in June 2009.
Despite the economic downturn, employment amongst workers aged 55-64 remained at 57.2 percent, a record high reached in 2008.
The survey found that salary growth was mostly flat, with the median monthly income for full-time workers increasing 0.5 percent to S$2,600 in June 2009.
Additionally, the survey showed that the number of short term contracts increased by 4.3 percent to 197,200, compared with only a 0.8 percent rise in permanent employees.
Economists predict that it will still be another year before Singapore’s labor market sees growth. The impact the withdrawal of the fiscal stimulus measures, due to occur next year, on the economy will be an important factor, reports Channel NewsAsia.