Singapore says to continue to press on with economic restructuring

Source:Xinhua Published: 2013-9-13 12:42:37

Singapore will continue to press on with the restructuring of its economy for quality growth, Acting Minister for Manpower Tan Chuan-Jin said Friday.

"We will continue to press on with restructuring for quality economic growth that will generate good job opportunities for Singaporeans," he said on the release of a unemployment report.

The latest report released by the Manpower Ministry showed that Singapore's jobless remained low at 2.1 percent in June, despite a slight rise from the seasonally adjusted overall unemployment rate of 1.9 percent in March.

Total employment rose by 33,700 in the second quarter.

In the first half, local employment gains exceeded foreign employment gains, with local employment rising by 34,100, up from the gains of 22,800 in the same period last year.

Excluding foreign domestic workers, foreign employment growth slowed to 27,000, down from the gains of 34,100 in the same period last year. It was also the smallest growth since the first half of 2010. Growth in the employment of foreign workers was largely driven by the construction sector.

The Manpower Ministry said the labor market is expected to remain tight for the rest of the year.

The government will "continue to take progressive steps to reduce the inflow of foreign workers and urge companies to adopt practical productivity improvement strategies" as Singapore moves towards a manpower-lean economy, Tan said.

Posted in: Economy

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