MAEC Project TB01 Group 1 by benn goh https://padlet.com/benngoh711/tsdd0x8exx0f Team members Mary, Michelle, Mark, eurwyn, Benn en-us 2017-05-09 09:57:53 UTC 2025-10-12 14:14:23 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Simplehouse.png Business cycle & unemployment wanmichelle99 https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171740812 The unemployment rate crept up from 2.2% in December last year to 2.3% in March. This is the highest level of unemployment that Singapore has faced since December 2009. 
The 3 key types of unemployment that Singapore faces are frictional unemployment, cyclical unemployment and structural unemployment. 
Frictional unemployment is not that big of a worry as there are always workers changing jobs regardless of the state of the economy. Cyclical unemployment is caused by the business cycle. Structural unemployment occurs when workers are displaced due to fundamental and irreversible shifts in the economy.
Unemployment in  Singapore is also due to 'missed matches' and 'mismatches'. 'Missed matches' occurs when job-seekers do not know where job openings are. In December last year, there were 47,600 job vacancies; 77 job openings for every 100 job-seekers.  'Mismatches' occur when the job-seekers do not have the right skills. The job-seekers can fall into 3 categories; those who cannot find jobs, those who are not hireable due to lack in skills and and those who do not want the jobs due to poor pay, conditions and prospects.
Three key strategies on the jobs front is to create new jobs, find alternative jobs for displaced workers and training workers to grow in their jobs to prepare for the future.]]> 2017-05-15 03:59:01 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171740812 GDP eurwynchow https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171741094 Overall, Singapore's GDP grew by 2.5% on a year-on-year basis in Q1 of 2017.
The manufacturing industry grew by 6.6%, and the construction industry fell by 1.1% as compared to Q1 of 2016. The service producing industry grew by 1.5% as compared to Q1 of 2016. On the quarter-on-quarter seasonally-adjusted annualized basis, Singapore's overall GDP in Q1 of 2017 fell by 1.9% as compared Q4 of 2016 which had a massive growth of 12.3%. Compared to Q4 of 2016, Singapore's manufacturing industry in Q1 of 2017 fell by 6.6%, the construction industry grew by 5.4% and the service producing industry fell by 2.2%.
The growth in the manufacturing industry on a year-on-year basis (Compared to Q1 of 2016) was mainly due to an expansion in the output of electronics and engineering, despite a decline in biomedical manufacturing, transport engineering and the manufacturing industry in general. The fall in manufacturing industry on a quarter-on-quarter seasonally-adjusted annualized basis is largely due the massive growth of 39.8% in Q4 of 2016.
The main reason for a fall in the construction industry on a year-on-year basis (Compared to Q1 of 2016) is due to a slowdown in the private construction industry.
The main reason for the growth in the service industry on a year-on-year basis (Compared to Q1 of 2016) is down to wholesale and retail trade and transportation and storage sector, which were helped by the recovery in export trades.]]> 2017-05-15 04:02:16 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171741094 Inflation wanmichelle99 https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171741649 Singapore headline inflation up 0.7% in March
 
According to the the Ministry of Trade and Industry and the Monetary Authority of Singapore, headline inflation in March rose by 0.7% and core inflation rose by 1.2%. This rise in CPI, core inflation and their drivers were similar to February’s. This brought red flags to the labour market as it has slackened, dampening underlying wage pressures. Due to this, businesses that are already struggling with costs will be indirectly and negatively affected. 
]]> 2017-05-15 04:09:33 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171741649 Articles: benngoh711 https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171741930 Unemployment
http://www.straitstimes.com/singapore/manpower/why-is-unemployment-rising-3-burning-questions-on-jobs?login=true

Inflation
http://www.businesstimes.com.sg/government-economy/singapore-budget-2017/singapore-headline-inflation-up-07-in-march

GDP
http://www.singstat.gov.sg/docs/default-source/default-document-library/news/press_releases/advgdp1q2017.pdf

]]> 2017-05-15 04:13:57 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171741930 MAEC Project wanmichelle99 https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171744958 Mary, Michelle, Mark, Eurwyn, Benn
Country chosen: Singapore



]]> 2017-05-15 04:50:23 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/171744958 Unemployment wanmichelle99 https://padlet.com/benngoh711/tsdd0x8exx0f/wish/172522029 Labour market changes over the years ]]> 2017-05-18 09:06:30 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/172522029 GDP wanmichelle99 https://padlet.com/benngoh711/tsdd0x8exx0f/wish/172522815 2010]]> 2017-05-18 09:10:03 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/172522815 wanmichelle99 https://padlet.com/benngoh711/tsdd0x8exx0f/wish/172523024 2017-05-18 09:11:01 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/172523024 Tutor's Comments NAJ1 https://padlet.com/benngoh711/tsdd0x8exx0f/wish/173044642 Thanks for posting relevant articles and statistics. You may begin doing more research and writing the report.

Warm Regards
Joshua Nathan]]> 2017-05-22 03:04:14 UTC https://padlet.com/benngoh711/tsdd0x8exx0f/wish/173044642