Economies around the globe are feeling the impact of rising inflation, and the resultant moves by many central banks to raise borrowing costs in a deliberate move to slow economy activity to bring down prices.
In addition, senior economist Irvin Seah from DBS bank said that expectations of an increased inflow of foreign manpower, especially in the wake of China's move away from its Covid-zero policy, will further ease the tightness in the labour marketfor the third quarter in 2022 released last month by the Ministry of Manpower showed that labour market tightness had eased and is expected to continue easing as job vacancies...
Agreeing, Mr Adrian Choo, career strategist and founder of Career Agility International, said that it is up to jobseekers to look for upskilling opportunities for in-demand sectors, such as what Ms Aida had done in learning the Chinese langauge. Mr Choo from Career Agility International said:"Now that everyone is going back to face-to-face interactions, and social media dropping in significance, the tech market is still facing an uphill climb."
"Every industry is going digital, every industry is going to automate, so tech is still a very long-term, viable play, so it is just a matter of timing," she said.China's move away from its Covid-zero policy could mean an influx of foreign Chinese labour in 2023, which could ease the tightness in the labour market.