Singapore’s unemployment rate is among the lowest in the world, but expect the rate to rise gradually over the next few years.
This was the stark assessment given by both Prime Minister Lee Hsien Loong and Manpower Minister Lim Swee Say at this year’s May Day Rally.
The seasonally-adjusted citizen unemployment rate rose from 2.9 per cent in June 2015 to 3.3 per cent in June this year, based on preliminary estimates.
Citizen Unemployment Rate (SG)
Source: Ministry of Manpower
Part of the reason has been a weaker global economic outlook which impacts Singapore’s open economy. Disruptive changes and rapid job evolution in industries have also given rise to skills mismatches, pushing structural unemployment higher.
But it is not all doom and gloom. Key growth sectors such as healthcare, infocommunications technology and financial services will feature strongly in Singapore’s economy as it continues to restructure towards higher value activities, and will continue to create jobs in the coming years.
So if you are looking at picking up new skills, here are some bright spots to consider.