Singapore rebounded strongly in 2010 following the 2008-2009 crisis. Growth in 2011 too was healthy. According to the Ministry of Trade and Industry (MTI), Singapore’s GDP was estimated to have expanded by 4.8% in 2011. Despite slower GDP growth, employment creation remained strong in 2011. Total employment grew by 122,600 in 2011, compared to the 115,900 in 2010. Our annual average overall unemployment rate dropped from 2.2% in 2010 to a 14-year low of 2.0% in 2011.

Against the global economic backdrop, MTI is expecting Singapore's GDP to grow between 1 to 3 per cent in 2012. Our labour market is still very tight currently. Job creation remains positive overall, although some easing can be expected in export-oriented industries. The services sector will be the main engine of job growth for Singapore in the coming years.

Employment prospects in tourism related industries are expected to be bright. The two Integrated Resorts, new developments such as the International Cruise Terminal and Gardens by the Bay, as well as international events such as F1 Grand Pix, are expected to boost tourist arrivals. To cater to the increase in tourist arrivals, the supply of Hotel rooms is also slated to increase. Employment in the food & beverage and retail industries will also 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 together with the rest of the related industries will generate demand for chefs, hotel staff and retail associates.

Healthcare is set to witness growth due to changing demographic trends, rising affluence, and booming medical tourism. According to Ministry of Health (MOH), 11,000 more healthcare workers (e.g. doctors, therapists, nurses and healthcare attendants) will be required to accommodate eldercare needs by 2020. This together with the current development of public and healthcare private healthcare facilities will raise demand for healthcare professionals.

Likewise, the development of 200 new childcare centres by 2013 will generate a steady stream of jobs in the childcare industry. Positions such as childcare teachers, supervisors and infant edu-carers are expected to see growth.

In the finance industry, recruitment activity will continue and there will be continued demand for occupations such as 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.

With the tighter labour market, there will be growing demand for knowledge- and skilled-workers. Workers should equip themselves with the relevant skills in new growth areas so that they will be well-positioned to benefit from the wide range of job opportunities across the economy.