Singapore job opportunities: skill shortages and popular job categories
Singapore’s economic growth slowed in 2011, still reaching a respectable 4.8%, which from a European perspective would be a top-five territory. Again, Singapore Prime Minister Lee Hsien Loon, in his New Year’s message, predicted that the growth would slow between 1 and 3%. in 2012 due to uncertainties in the external environment and “debt problems in Europe.”
Both the economic outlook and domestic political pressures are pushing the Singaporean government to seek immigration, which has reached high levels over the past decade.
Economists cite a severe slowdown/contraction in the fourth quarter of 2011 as the backdrop to Lee’s growth forecast.
Lee’s ability to ignore the current sentiment in favor of immigration brakes is limited by the small majority under which his ruling Action party is in power after last year’s election. This was the smallest margin since Singapore became independent in 1965 and reflected the growing concern of citizens about the rising cost of living and competition with foreigners for employment and housing.
Currently, more than a third of Singapore’s population of 5.2 million is made up of immigrants (permanent residents and foreign workers), and the government seeks to increase the skills and salary requirements of new workers. Foreign.
The Lee government is also introducing an additional property tax for foreigners and corporations that will have to pay another 10% stamp duty, in part to ease domestic discontent over the cost of housing.
However, the World Bank still considers Singapore the most comfortable place to do business. With its stable political system, first-class infrastructure and transport connections, combined with a favorable working and living environment for international companies and expatriates. As the most westernized country in Asia, Singapore has a vibrant financial sector with great opportunities for Finance / Accounting, Banking, Information Technology, Insurance, and Legal professionals. English is the official language of Singapore and the primary language of business. Singapore will continue to be a central location for business operations, particularly in banking and financial services.
Raising the bar for new work permits should not deter highly skilled professionals from trying to add a new international dimension to their careers. As visits to specialized job search portals in Singapore clearly show, the demand for experienced and qualified professionals in banking and finance, accounting, law, and information technology is always high.