People take the stairs at the central business district in Singapore August 8, 2016. Indeed, while the city state's economy is expected to grow between 1-2 percent for the year, analysts say the wage-cost pressures are flashing warnings of a recession. At roughly 43 percent of gross domestic product - though below the 55 percent world average - wage costs in Singapore are now at levels which historically had preceded recessions in 1985, 1997 and 2001. And recent data showed the unit labor cost index hitting a record high of 116.7 in the second quarter. The high wages partly reflect that.

Source: Thanhnien News August 21, 2016 23:03 UTC