The unemployment rate in Singapore raised to around 4.1 percent in 2020 from 3.1 percent in the year before. For many economies, this would be considered overemployment, but Singapore may have a lower natural unemployment rate than other economies.
What’s wrong with overemployment?
When there are not enough workers, firms are forced to hire anyone who is available. This means that employers may not select the best applicants but rather anyone who applies. This leads to lower productivity, because workers are not finding the job for which they are best suited. Companies may also have to offer wages that are so high that they also lead to a rise in prices and thus, to a higher inflation.
Singapore may be different
Singapore has a small, open economy. It has the highest gross domestic product (GDP) per capita in the region, indicating that it is an advanced economy. This is largely due to the small population, which is almost entirely urban. As such, its workforce may be better matched to employer needs, which would reduce the natural level of unemployment.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
World Bank. (January 28, 2025). Singapore: Unemployment rate from 1999 to 2023 [Graph]. In Statista. Retrieved March 10, 2025, from https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/
World Bank. "Singapore: Unemployment rate from 1999 to 2023." Chart. January 28, 2025. Statista. Accessed March 10, 2025. https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/
World Bank. (2025). Singapore: Unemployment rate from 1999 to 2023. Statista. Statista Inc.. Accessed: March 10, 2025. https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/
World Bank. "Singapore: Unemployment Rate from 1999 to 2023." Statista, Statista Inc., 28 Jan 2025, https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/
World Bank, Singapore: Unemployment rate from 1999 to 2023 Statista, https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/ (last visited March 10, 2025)
Singapore: Unemployment rate from 1999 to 2023 [Graph], World Bank, January 28, 2025. [Online]. Available: https://www.statista.com/statistics/378643/unemployment-rate-in-singapore/