Unemployment rate in Singapore 2018

Singapore: Unemployment rate from 1998 to 2018

by H. Plecher, last edited Sep 17, 2019
Unemployment rate in Singapore 2018 The unemployment rate in Singapore fell to around 3.77 percent in 2018 from 3.91 percent in the year before. For many economies, this would be considered overemployment, but Singapore may have a lower natural unemployment rate than other economies.
What’s wrong with overemployment?

When there are not enough workers, firms are forced to hire anyone who is available. This means that employers may not select the best applicants but rather anyone who applies. This leads to lower productivity, because workers are not finding the job for which they are best suited. Companies may also have to offer wages that are so high that they also lead to a rise in prices and thus, to a higher inflation.

Singapore may be different

Singapore has a small, open economy. It has the highest gross domestic product (GDP) per capita in the region, indicating that it is an advanced economy. This is largely due to the small population, which is almost entirely urban. As such, its workforce may be better matched to employer needs, which would reduce the natural level of unemployment.
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Singapore: Unemployment rate from 1998 to 2018

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