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Singapore's largest industry in the economy is the manufacturing sector, which contributes 20-25% of the country's annual GDP. The unemployment rate has been on a rise and reached a figure of 2.1% as of Q2 of 2018.

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The article mentioned that inflation is likely to increase on account on higher global oil and food prices. This can also be linked to cost push inflation where the increase of the cost of production rises. Since Singapore is a country without natural resources, it tends to import a lot of goods into the country especially food and oil or natural resources. And the increase in prices of oil and food will in turn be carried onto the general price level of the economy which is pushed up by pressure.

Likewise the "higher import and labour costs could be reflected in consumer prices." is also linked to cost push.

On the other hand, the article also stated that "domestic demand is expected to strengthen". This means that domestic demand for consumer goods will increase, causing a demand pull effect. Whenever there is an increase in consumer demand, there will somewhat be a shortage in supply to satisfy the demand. Therefore, the price level of goods increases when that happens, in the case of "too much money chasing too few goods". Also, demand pull occurs when the economy is close to full employment and at full capacity.

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According to the article, it was stated that due to the trade war that broke out between the US and China, it could affect Singapore's GDP. This is true however the GDP could either increase or decrease.

With trade wars going out between US and China, China will be unable to ship as many goods to the US as they once did due to the tariffs set by the US. This will mean that supply of goods from China to US will decrease. Companies who are unwilling to pay these tariffs will be less willing to produce for the US and hence produce less. Some of the resources used by China's companies may be shipped from Singapore, hence demand for these immediate goods from China will decrease. This will reduce Singapore company's production of these immediate goods and hence Singapore will export less of them  causing a drop in GDP.

However it is still possible for GDP to rise due to the relocation of US business in China. Due to the tariffs and trade war, many US companies are considering to relocate to other parts of the world especially South East Asia. Singapore, being one of South East Asia's largest trading ports, can reap some benefits from this as more US companies would utilize Singapore's trading services, and hence will have an increase in labour demand, causing a rise in GDP.

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It was identified that structural unemployment, caused by a mismatch of the skills of workers out of work and the skills required for existing job opportunities, is one of the key reasons for the increase in unemployment rate.

Another factor would be due to the restructuring of the economy. As workers adapt to the different needs of the future economy, such economic restructuring would lead to better job opportunities, better wages and better career prospects. When the Government help businesses to transform better, Singaporeans would have to adapt accordingly. Otherwise, the mismatch between jobs and skills would widen too much if nothing is done to restructure the economy. Therefore, the Government does this by creating new jobs and training employees to expand their skills in their current roles so that they will be able to match their skills with the jobs available in the labour force.

To aid workers in finding new jobs, Singapore has in place national programs such as the SkillsFuture movement and the Workfare Training Support Scheme. These programs help to improve employability by providing workers with opportunities to develop potential and by encouraging workers to attend training to improve their skills. This ensures that workers remain employable and they would be able to adapt to the changing job demands, developing new skills and career throughout life.

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Hello Team!
Please refer to my specific comments for each articles below. These are meant for both your padlet AND report.
No further comments from me. Once you are happy with you padlet, submit the hardcopy to me and kickstart report writing!
Specific comments:

Article 3 is a bit outdated (Apr), project brief indicated to find one post 28 June 2018. Given the current economic outlook amidst the trade dispute between US and China, more recent article would tell you a better story.

Article 2
This article mentioned both GDP and unemployment so you don't have to select a new one to replace article 3.
- skills mismatch was identified by team as one of the reason mentioned in article. What type of unemployment is this? Why is the economy undergoing restructuring? any measures to help workers in finding new jobs?
- how would trade disputes between China and US lead to job losses in Singapore? What type of unemployment would see a rise specifically? In terms of the impact on GDP, suggest to use the expenditure approach in calculating GDP to identify the specific component that will be affected due to this. Hint: whats our relationship with US and China with respect to our economy? How important are they to us?

Article 1
article mentioned several reasons that SG could head towards higher inflation in the long run. Suggest team to explore those and apply economic analysis to it.
For instance "imported inflation", "oil and food prices", domestic demand to strengthen", "higher labour costs" What category of inflation is this? Cost-push, demand-pull? Or BOTH? Explain.

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This article tells us that the core inflation for Singapore in September 2018 was 1.8%, while the headline inflation stayed stagnant from August at 0.7%. Decline in core inflation was mainly due to slower growth in retail prices of items like clothing and shoes. The average monthly increase in retail prices of items also decreased from 2% to 1.5%. Steep fall in prices of recreation and entertainment , telecommunication goods. Meanwhile, services went up by 14% from the increase of 12.7% in August (1.3% increase). From larger increase in education service fees. Food prices have increased from 1.6% to 1.7%. Smaller decline in accommodation costs as it fell by 2.5% from the declining 2.6% costs in august.
Private transport costs fell by 0.1% compared to previous month 0.2% decline
Inflation expected to increase on account of higher global oil and food prices.

https://www.straitstimes.com/business/singapore-core-inflation-dips-slightly-to-18-in-september

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For reference

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Concepts that are applicable to our topics 

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Concepts that are applicable to our topics 

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- Unemployment rate
- GDP
- Inflation

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The article shows increase in retrenchments and unemployment despite there is a total growth in total employment rate due to the growth in economy. Retrenchment rate also increased from 2320 layoffs from January to March to 2350 in the second quarter of the year. Economic expansion also results in people to be more active in terms of job search which resulted in the rise of the unemployment rate.
It also provides the reason that a rise in economy did not result in a drop in unemployment rate as workers are not equipped with the skill sets for the current jobs. Economy recovery is also uneven in every sector hence more time is needed for each sector to recover. However it states that the main reasons of unemployment is still due to job and skills mismatch.

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The number of workers retrenched in Singapore inched up in the second quarter of this year, despite the economy growing.

At the same time, the economic expansion has drawn more people to re-enter the job market.

The emerging signs of a slowdown in the recovery of the labour market appeared in the Ministry of Manpower's (MOM) preliminary estimates released yesterday.

Manufacturing has been laying off more workers since the first quarter of this year.

In the continuing uptrend, the sectors shedding workers include oil and gas, transport engineering and construction materials, CIMB Private Bank economist Song Seng Wun told The Straits Times.

As for unemployment, the rise comes after a sustained decline since June last year. The seasonally adjusted unemployment rate last month went up to 2.1 per cent, from 2 per cent in March.

The slight increase is the result of more people being lured back into the labour force on the back of the 3.6 per cent growth in Singapore's economy last year.

"While there may be more job opportunities, not everyone is equipped with the skill sets that employers are looking for in various industries," Mr Song noted.

For Singaporeans, last month's unemployment rate climbed to 3.1 per cent, from 3 per cent in March.

More people also lost their jobs in the second quarter this year, compared with the first three months.

After hitting a five-year low of 2,320 layoffs between January and March, retrenchments rose to 2,500 in the second quarter. A year ago, it was 3,640.

But overall, the economy hired more people in the second quarter.

Total employment, excluding foreign domestic workers, went up by 7,100, a sharp rise from the growth of 400 in the first quarter.

This was due to more hires in the service sector, said MOM.

The figures indicate that economic recovery is uneven across industries, said analysts.

Sectors like retail continue to struggle because of structural problems, said DBS economist Irvin Seah.

While the worst may be over for the oil and gas sector, more new projects are needed before hiring figures can go up, he added.

Looking ahead, Mr Song warned that the labour market may be hit by external headwinds in the light of trade tensions between the United States and China.

"The labour market recovery that we saw last year may falter if trade risks lead to real trade fights," he added.

Labour MP Patrick Tay, who is the National Trades Union Congress' assistant secretary-general, said retrenchment figures are expected to inch up in the next quarter owing to disruption and reorganisation of businesses.

Structural challenges, such as skill and job mismatches, continue to be one of the main causes of unemployment, he said in a Facebook post.

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The number of workers retrenched in Singapore inched up in the second quarter of this year, despite the economy growing. At the same time, the economic expansion has drawn more people to re-enter the job market. The emerging signs of a slowdown in the recovery of the labour market appeared in the Ministry of Manpower's (MOM) preliminary estimates released yesterday.