99,000 jobs may go in SingaporeFebruary 26th, 2009 - 4:31 pm ICT by Amrit Rashmisrisethi
According to the report by DBS that the raise in unemployment leveled up due to the recent recessions to hit a 20-year high of 5 per cent next year.
Its Singapore economist, Irvin Seah, estimates that the economy will contract 4.8 per cent this year, bringing about a total of 99,000 net job losses in the current recession. Manufacturing would be the worst hit with about 58,000 jobs lost, he added.
NODX growth in January plummeted by 34.8 per cent - the sharpest single month decline ever and a clear reflection of the collapse in global demand. Singapore’s unemployment rate has risen in the previous two quarters as the labour market continued to feel the heat of the global recession.
About 73,100 Singapore residents were jobless in December last year, an increase of about 58 per cent over a year ago. Job growth also slowed significantly, with just 26,900 jobs created in the fourth quarter, which is less than half the total gain of 55,700 in the previous quarter.
‘Against the backdrop of the dire economic conditions, this is probably just the initial stage of a protracted down-cycle in the employment market. Job losses and unemployment rate will continue to rise as companies struggle to cope with the impact of the global downturn,’ said Mr Seah.
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