The services sector has never been so important to Singapore’s economy. It now employs more people than manufacturing and construction combined. A 2022 World Bank report predicts that this trend will continue, with the services industry accounting for 75 per cent of total employment by 2030.

However, a crisis looms for the services industry. In hospitals, hotels and restaurants, the turnover and vacancy rates have never been so high. Since 2019, the turnover among nurses in Singapore has more than doubled from 8 per cent to 20 per cent. In the hotel and restaurant industry, demand is picking up, especially as tourism trends towards pre-pandemic levels, and most operators complain about manpower shortages.