Singapore has a low unemployment rate for a developed country, with the rate not exceeding 4% from 2005 to 2014, and reaching highs of 3.1% in 2005 and 3% during the 2009 global financial crisis; it fell to 1.8% in the first quarter of 2015. Singapore does not have a minimum wage, believing that it would lower its competitiveness. It also has one of the highest income inequalities among developed countries. Although recognising that foreign workers are crucial to the country's economy, the government has considered placing limits on inflows of these workers, as foreign workers make up 80% of the construction industry and up to 50% of the service industry.