Figures show Singapore's economy is officially in recession. — TODAY pic
The MTI also compares quarterly figures with the same period a year earlier. On that basis, Singapore’s economy shrank 12.6 per cent in the second quarter. The MTI figures show that the number of jobs, excluding those held by foreign domestic workers, fell by 25,600 in the first three months of this year — the biggest quarterly contraction on record.
“Despite the fairly benign job losses figure in the first quarter, I think the second quarter and going forward, we will see sharp deteriorations in the labour market,” he said.
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