“At the same time, the deterioration of the external economic environment, due in part to the Russia-Ukraine conflict, has weakened the demand outlook for some of our outward-oriented sectors. This may in turn cool labour demand going forward. As such, firms should press on with restructuring and transformation to maintain their competitiveness,” says the ministry in its June 17 statement.
Job vacancies have increased to a new high of 128,100 in the first quarter of 2022, according to figures released by the Ministry of Manpower (MOM).
As border measures relax, the ministry says it expects non-resident worker inflows to recover, which will provide some relief to the current labour market tightness.
