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SINGAPORE: Singapore will see fewer jobs created this year compared to last year and economists from Nanyang Technological University said this will happen regardless of whether the United States goes into a recession or not.
However, they stressed that Singapore's job situation is far rosier than other countries in the region.
Economists expect job creation in the construction sector to lead the pack to a full year growth of 141,000 jobs if the US does not go into a recession.
This is far lower than the 235,000 jobs created in 2007, due to moderating growth.
Meanwhile, job growth in the services sector follows close behind, with more work available in the tourism-related segment - thanks to the Formula 1 race and the upcoming integrated resorts.
However, their peers in banking and finance will see fewer new jobs, due to the sub-prime fallout.
Worst hit will be the manufacturing sector, due to decreasing external demand.
NTU economists said that there's a 50 per cent chance of the US going into a recession, and if that happens, Singapore can expect to see even fewer new jobs created, at 110,000.
While, these forecasts may have an unpleasant ring, economists prefer to remain optimistic.
Associate Professor Randolph Tan, Economics Division, Humanities & Social Sciences School, NTU, said: "These are figures which are generally much higher than what you'd see in economies at comparable stages of development like Hong Kong and South Korea.
"We're looking at figures in order of one to two per cent in Hong Kong, and two to three per cent in South Korea. The other thing to note is that even under less optimistic scenario, the increase of 110,000 persons is the fourth year in a row that we'll see employment increasing beyond 100,000."
Experts said if the US economy holds up, growth in monthly wages will remain constant at six percent in 2008, compared to 6.2 the year before.
But if it doesn't, wage growth will almost halve to 3.5 per cent.
Economists expect Singapore's GDP growth to come in at anything between four and six per cent this year. - CNA/vm
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