Macroeconomic Forecast Singapore

Singapore's unemployment rate fell to 2.2% in Q110, from an already low 2.3% in the preceding quarter. Underpinning the strong figures is the fact that the economy has recovered very sharply from the recession in 2009 on the back of resurgent external demand. Going forward, we expect Singapore's unemployment rate to stay relatively low, averaging 2.5% and 2.6%, in 2010 and 2011, respectively. The key risk to our sanguine outlook lie with a sharper-than-expected dip in major export destinations including the US, China and the eurozone.

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