Job hunting will be harder in the next two years as the economy recovers slowly and the influx of new graduates and returned overseas workers heighten competition for positions, the country’s economic planning agency said.
The National Economic and Development Authority said unemployment is seen to rise to between seven and nine percent through 2022. This is a sharp adjustment from the original medium-term target of an unemployment rate of three to five percent.
The pandemic lockdown continues to limit economic activity and consumption. To keep costs down, firms have trimmed their staff while some industries such as the construction sector suffer from a shortfall in skilled manpower due to limitations in public transportation.
Some workers who used to work full time had to shift to part-time work or stop working altogether to accompany their children as schools remain closed or learning remains limited to online means.