Wednesday, August 8, 2007

Booming Singapore economy

Singapore has been performing better than the projections since the last year or so and the results are clearly visible from the figures one can see. I got this article which was published in the straits times last week and thought of sharing this. Although being a small country the responsibility to keep the people in the country employed is being handled very efficiently by Singapore.

Here’s a quick look at what made the headlines in the past week (3rd August).

The booming Singapore economy created a record 61,900 jobs in the last quarter. There was a rise in all sectors, with the construction sector leading the growth with 11,400 new jobs. According to economists, the economy is growing stronger than projected, and there should be no slowdown in the job market until late next year.

Singapore’s unemployment is at a six-year low, but leaders of the labour movement want Singapore to have one of the highest employment rates in the world. This will be achieved by recreating old jobs, employing additional older workers, and retraining affected workers. The Government will also work with unions and bosses to arm workers with the appropriate skills for new jobs.

Singapore is an ideal test bed for new-technologies, and is attracting top researchers and engineers, despite competition from India and China. The republic’s reputation for being safe, reliable and pro-business was key in drawing top talent.

* Source: The Straits Times & The Business Times.

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