Much has been said about Singapore’s resilience to the economic woes caused by the Covid-19 pandemic — in no small part thanks to its deep reserves that provided the necessary resources to keep the economy afloat, without forcing the government to go into debt to bail out local citizens.
But there’s another characteristic of Singapore economy that has gone largely unappreciated and ironically, is also often a target of scorn from some Singaporeans and local wannabe politicians: its labour market.
Labour force in Singapore in 2020 / Image Credit: Ministry of ManpowerWith unemployment rate at 3 per cent overall and 4.1 per cent for residents, the country is the envy of the world, where the rates are at least two to three times higher right now.
Despite the severity of the crises, it is also lower than what the country experienced a decade ago, in the aftermath of the financial meltdown in the United States.
Learn From ‘Handicapped’ Countries Rory Sutherland, vice-chairman of Ogilvy UK / Image Credit: Mexy XavierRory Sutherland, vice-chairman at Ogilvy and a man who dedicated his life to studying human behaviour (turning it into a goldmine for the renowned advertising agency), once remarked that to seek innovative ideas you have to look at the extremes.
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