Singapore's Prime Minister, PCO Ministers and the Secretary-General of the workers ' Trade Union Swee 22, warned that, owing to the world's major economies employment market remained weak, and Singapore in the second half of this year's economic prospects remain uncertain and may even appear a new wave of layoffs.
As far as Singapore Asia news station 22 late reports, Swee say that Europe's unemployment rate remains high, this means that Europe and the United States on the demand for commodities is still booming. However, the economy will eventually revive the industry should be prepared for economic recovery.
Singapore Ministry of manpower, as the economic situation continued to deteriorate, the first quarter of this year, the overall unemployment rate Singapore 3.3%, higher than last year's fourth quarter 2.5%. Where local residents the unemployment rate in the first quarter reached 4.8%, higher than last year's fourth quarter 3.6%.
Singapore economy last year entered recession in the third quarter of last year's growth rate, only 1.1%, far below the previous year's growth 7.8%. In the first quarter of this year, Singapore's GDP shrinking 10.1% year-on-year. Singapore Ministry of trade and industry, this year it is expected that the economy will shrink by 6% to 9%.
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