Slower employment growth has been predicted for Singapore this year, although hiring looks set to continue.

This is according to figures from the Monetary Authority of Singapore (MAS), which has stated that there will be a dip in recruitment rates towards the end of this year.

However, the body revealed it expects companies in the city state to continue employing new members of staff, despite a cooling of the economy to a gross domestic product expansion rate of around five per cent.

In its macroeconomic review for October, MAS said that financial services and trade-related businesses had shown signs of scaling back, predicting this trend could continue as a result of further global economic uncertainties.

However, the institution - Singapore's central bank - said in its twice-yearly review: "Notwithstanding the slower pace of employment growth, the labor market has remained tight, causing firms in some sectors to increase hours of work."

Recent figures from the jurisdiction's Ministry of Manpower revealed that the joblessness rate among citizens dipped to 3.1 per cent during June 2011, falling from a high of 4.5 per cent in 2009.

Posted by Kate Griffin