Stance on immigration policies

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We expect the job market to stay tight with downward bias for resident unemployment rate. As shown in Figure 16, resident unemployment rate (seasonally adjusted) has declined to its lowest just right before the global financial crisis struck. Figure 17 suggests the current very tight labour market will persist as demand outstrips supply. All this points to labour costs staying elevated, which bodes ill for labour-intensive sectors such as transportation, manufacturing, construction, hotels and restaurants. Within our coverage universe, the following names are more vulnerable: SMRT and Sheng Siong.
Rising cost pressures to also hurt SMEs