Singapore: a further loss of jobs expected

Singapore could lose a total of 99,000 jobs during the current recession according to DBS.

"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.

And according to this viewpoint, unemployment is likely to hit 4.8 percent this year and peak at 5.0 percent by the middle of 2010.

"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."

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."