Singapore

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Singapore's jobless rate rose to a one-year high of 2.3% in Q208, up from 2.0% in the preceding three months, as firms slowed hiring amid choppy financial markets and a weakening global economy. Moreover, with economic activity in Singapore expected to slow further on the back of a weaker external environment going forward, unemployment will likely continue to rise as we head deeper into H208. We are forecasting real GDP expansion to slow sharply in 2008, to 3.9% from 7.7% in 2007, but even under this bearish scenario we continue to judge that risks to the outlook are skewed to the downside.