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.
What do you think?
Could this be the worst recession ever in S'pore history? and what is the impact on S'pore society?
me think u will see a degree holder washing plates
This is actually what is happening in China when a degree holder can't find a job they turn to a maid agency.
Originally posted by [J]erry:me think u will see a degree holder washing plates
what washing plates??? no more vacancy liao, degree holders go street and sell backside better.
Originally posted by Cmd:Wednesday February 25, 2:06 PM
Crisis could cost Singapore 99,000 jobs: DBS
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!!!!
Originally posted by [J]erry:me think u will see a degree holder washing plates
never hear of dish washing machines?
dun worry, they kik all the FT first and leave the SG to wash the dishes