Wednesday February 25, 2:06 PM
Singapore could lose a total of 99,000 jobs during the current
recession, with more than half of the cuts in the key manufacturing
sector, an analysis by local bank DBS said Wednesday. "There will
be a net loss of about 99,000 jobs due to the current recession and
we also expect this to stretch into 2010", the bank said in its
report. Unemployment is likely to hit 4.8 percent this year and
peak at 5.0 percent by the middle of 2010, it said. "Labour markets
are expected to deteriorate further," DBS added. "The manufacturing
sector is expected to be the worst hit with job losses of about
58,000 as the global recession chokes up demand for our
manufactured exports." The bulk of output from Singapore's
manufacturing sector ends up as exports to the world's major
economies, but recessions in those markets have severely affected
local factories. DBS said it has also downgraded its growth outlook
for the city-state to a contraction of 4.8 percent this year from
3.8 percent previously, due to the "sharp collapse in global demand
and export sales." An "aggressive" stimulus package totalling 20.5
billion Singapore dollars (13.4 billion US) will only cushion the
blows from the recession, the bank said. Latest official data in
Singapore said the seasonally adjusted unemployment rate rose to
2.6 percent in December, and companies laid off 7,000 workers
during the last three months of 2008. Singapore's worst recession
occurred in 1964, just before independence, when the economy shrank
3.8 percent.
aiya, net loss only mah, hven't minus the net gain hor...dun worry
lah, 99,000, more than half are FTs and FWs, so we are estimating
about 30,000 singaporean affect, but they can go for reskilling and
upgrading with paid too...so dun worry.
Together Singapore...SINGAPORE!!!! yeah!!!!