Singapore has recovered strongly from the downturn. According to the Ministry of Trade and Industry's (MTI) advance estimates, SIngapore's GDP grew by 14.7 per cent in 2010. MTI expects Singapore's GDP to grow by 4 to 6 per cent in 2011. In tandem with the recovery, the labour market has performed well. Total employment grew strongly by 85,500 in the first three quarters of 2010, compared to a flat growth (100) in the same period in 2009. Unemployment fell to 2.1 per cent in Q3 2010, lower than the 3.3 per cent a year ago.
In line with the economic recovery, business and hiring sentiments registered positive outlook for the upcoming months. The Department of Statistics’ business expectations reveal favourable business outlook for both the services and manufacturing sectors for the six months ending March 2011. Similarly, the 1Q 2011 Manpower Employment Outlook Survey from Manpower Inc. released in December 2010 indicated robust hiring outlook for sectors such as finance and insurance & real estate.
The services sector will be the main engine of job growth for Singapore in the coming year. Employment prospects in tourism related industries are expected to be bright. The two Integrated Resorts currently employ over 16,000 workers and will provide approximately 20,000 jobs when fully operational. Occupations in demand include waiters/waitresses and hotel staff. Employment in the food & beverage and retail industries will continue to grow. Projects such as Marina Bay Link Mall, South Beach, Asia Square and the revamp of Orchard Emerald and Specialists’ Centre will add significant retail and F&B spaces from 2011 to the second half of 2013. These projects will generate demand for chefs and retail associates.
Healthcare is set to witness growth due to changing demographic trends, rising affluence, and booming medical tourism. New healthcare institutions such as Jurong General Hospital, National University Hospital’s 20-storey Medical Centre and other private hospital facilities e.g. Parkway Novena Hospital and Farrer Park Mediplex will raise demand for key healthcare professionals such as doctors, nurses and allied health professionals.
Likewise, the development of 200 new childcare centres by 2013 will generate a steady stream of jobs in the childcare industry. Early childhood professionals such as childcare teachers and infant edu-carers will be in demand.
In the finance industry, foreign banks such as Barclays and BoA-Merrill Lynch are actively hiring IT architects to boost their IT functions in Singapore. Standard Chartered Bank had also announced plans to employ 2,000 more staff in Singapore by 2012. Occupations in demand include investment bankers, relationship managers and compliance personnel.
Strong demand by China and India will drive business activities of speciality chemicals companies, boosting business prospects for the chemicals industry. Shell Chemicals’ new ethylene plant and Exxon Mobil’s second steam cracker complex in Singapore are expected to double ethylene production by 2014, generating demand for mechanical engineers, electrical engineers and process engineers/technicians.
The emergence of biologics companies e.g. Genentech will create opportunities for mechanical technicians, production technicians, quality assurance technicians and operators in biomedical sciences.
