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Singapore economic performance 2026

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-05 00:38 UTC → 2026-08-06 03:24 UTC · added ~~removed~~

In early July 2026 Singapore’s retail sector showed a slowdown, with sales growth falling to 3 % in May, while the labour market kept expanding for a 19th consecutive quarter. Layoffs rose 17.5 % to 4,500 jobs, yet total employment still increased by 10,700 workers, largely due to non‑resident hires in construction and manufacturing, and unemployment remained low at about 2 % (resident 2.9 %, citizen 3 %). In the second quarter, the Ministry of Manpower reported that the 4,500 layoffs were the highest level since Q4 2020, raising the layoff rate to 1.9 per 1,000 employees. Redundancies were concentrated in export‑oriented and professional, knowledge‑based sectors, especially among degree‑holding staff aged 50‑59. Despite this, employment growth persisted, driven by local hiring in key services and the public sector and continued non‑resident recruitment in construction and manufacturing. A full labour‑market report is slated for release in mid‑September. By early August 2026, the tech sector added to the layoff trend. Private technology firms accelerated staff cuts amid weaker venture funding, while GovTech and other public agencies restructured digital workforces. The Ministry of Manpower noted severance packages are set by contracts, collective agreements and advisory letters, typically ranging from two weeks to a month’s salary per year of service, with public‑sector unions negotiating additional terms. In response, HR service providers have refined outreach tactics—up‑to‑date contact lists, targeted mid‑week morning emails, and messaging that addresses staffing shortages and compliance—to connect with HR decision‑makers managing hiring, training and employee welfare.

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