In the event of any correction in real estate prices of Singapore, banks in the island nation are not likely to face major impact in terms of bad loans, said a report by Fitch on Thursday. The agency finds flexible labor market in Singapore as the reason behind the banks not getting hit by any correction.“Singapore's unemployment rate is among the lowest in the world, under 2.5%, and the city state has already seen a decline in mortgage and construction loan delinquency rates since mid-2009. Full Story
