Singapore, the only Southeast Asian country to avert a recession during the Asian Crisis, became the only Southeast Asian country to fall into a recession, or to quote the Trade & Industry Ministry on 18 May 2001, a “technical recession”. The city-state enjoyed a prolonged period of economic growth between 1986 and 1997 averaging 8.6 percent per annum. However, after the Asian financial crisis, Singapore’s GDP is more volatile
The gainful employment of the Fresh Graduate is one of Singapore’s emerging areas of policy concern. In 2000 the number of graduates without work stood at 6,500. By 2001 the total number of unemployed with tertiary education stood at 20,800 (Labour Market 2001 Report, Ministry of Manpower). That 10,700 of this group were tertiary graduates below the age of 30 means that Singapore’s Fresh Graduates face a grim reality ahead and could become a New Poor.