Covid-19 pandemic could lead to 150,000 to 200,000 retrenchments in Singapore, say Maybank economistsF&B outlets in Orchard Road on the first day of the circuit breaker on April 7, 2020. ― Picture by Raj Nadarajan via TODAY
In comparison, there were 10,690 retrenchments in the whole of 2019, according to the Manpower Ministry’s labour market report last month. The 2008 to 2009 global financial crisis saw around 40,000 retrenchments, while the 1997 Asian financial crisis claimed around 30,000 jobs. Said Dr Chua and Lee: “We think the short-circuit measures and one-month partial lockdown will break the camel’s back for many businesses. Many businesses will likely fail and a huge number of jobs will be lost in the coming quarters.”
Maybank has also downgraded its full year economic growth forecast to -6 per cent for 2020, a steep fall from its previous prediction of -2.8 per cent.
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