MAS noted that Covid-19 has also led to changes in consumption patterns, which could dampen labour demand. - ST
SINGAPORE (The Straits Times/ANN): The road to recovery for the labour market is likely to be slow and uneven, with resident unemployment rates taking a longer time to reach pre-crisis levels compared with during the global financial crisis, said the Monetary Authority of Singapore (MAS).
In its review of the macroeconomic situation released on Wednesday (Oct 28), MAS said the unemployment rate of Singaporeans and permanent residents is expected to decrease gradually next year after peaking in the second half of 2020, but will remain elevated overall.
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