The economy

SINGAPORE: The Singapore economy expanded by 0.7 per cent last year, down from 2018’s 3.1 per cent and its slowest in a decade, even as official flash estimates on Thursday (Jan 2) showed growth picking up pace slightly in the fourth quarter. This is Singapore's slowest full-year growth since 2009, according to Bloomberg data. For the last three months of 2019, gross domestic product (GDP) expanded by 0.8 per cent from the same period a year ago, a nudge up from the revised 0.7 per cent growth in the third quarter , the Ministry of Trade and Industry (MTI) said. The fourth-quarter flash estimate, which is computed largely from data gathered in the first two months of the quarter, was in line with a Reuters forecast. On a quarter-on-quarter seasonally adjusted annualised basis, the economy grew at a slower pace of 0.1 per cent. This is way below the 2.4 per cent expansion in the previous quarter and below economists’ expectations of 0.4 per cent. READ: Singapore's … [Read more...] about Singapore economy expands 0.7% in 2019, slowest in a decade

SINGAPORE: The Singapore economy contracted by 2.2 per cent year-on-year in the first quarter, as the COVID-19 outbreak and global measures to prevent its spread threw a wrench in the construction and services industries, according to flash estimates released on Thursday (Mar 26). This is the worst contraction since the global financial crisis in 2009, and compares with the 1 per cent expansion logged in the same period last year and in the preceding quarter. On a seasonally adjusted annualised basis, Singapore's gross domestic product shrank by 10.6 per cent quarter-on-quarter, a sharp pullback from the 0.6 per cent growth in the previous quarter, according to advance estimates released by the Ministry of Trade and Industry (MTI). "COVID-19 is like an economic tsunami hitting Singapore shores," said Ms Selena Ling, head of research and strategy at OCBC, adding that second-quarth growth could shrink 7 per cent. "This is the worst GDP year-on-year contraction since 1Q09 … [Read more...] about Singapore’s economy contracts by 2.2% in Q1 as COVID-19 outbreak hits construction, services sectors

Fresher hiring is expected to more than double compared to last year. Illustration: Dominic Xavier/ Rediff.com After a year of job uncertainty and salary cuts, the start-up ecosystem is stepping up its hiring plans as many large firms look to scale up their business. According to a survey by Scalar, venture capital-funded start-ups, especially in edtech, logistics, and gig economy, will be key drivers of the job market in 2021. Live learning platform Vedantu plans to hire 1,500 employees across all levels, with domain expertise in the fields of technology, product, finance, strategy and human resource this year. “Due to the tremendous potential of online learning in current times, it is our duty to ensure that all students and teachers get perfect experience of our product. "Hence, we are ramping up our hiring across domains from India’s premium B-schools and engineering institutes,” said Vamsi Krishna, chief executive officer (CEO) and co-founder, Vedantu. … [Read more...] about Edtech, logistics and gig-economy to drive jobs

BANGKOK: Thailand's economy suffered its worst contraction since the Asian financial crisis more than two decades ago, data showed Monday (Aug 17), as the coronavirus shattered the country's crucial tourism industry. The kingdom has largely escaped the worst of the disease - registering 3,300 cases and 58 deaths despite being the first country outside China to register an infection in January. But pandemic-spurred lockdowns brought the economy to a staggering halt, shrinking 12.2 per cent in the second-quarter growth, according to the Office of National Economic and Social Development Council (NESDC). READ: Thai demonstrators call for political reforms in biggest rally since 2014 coup The outbreak "has made our economy fall by 12.2 per cent, lower than during the Tom Yum Kung crisis", said secretary-general Thosaporn Sirisumphand, using the local name for the Asian Financial Crisis that struck in 1998. The economy shrank 12.5 per cent in the second quarter of that year. … [Read more...] about Thailand’s economy shrinks most in more than 20 years

SINGAPORE: Recession. Retrenchments. Reskilling. As COVID-19 ripped through the Singapore economy, such words have become part of daily life. When the then little-known disease made its way to Singapore in January, few could have anticipated the impact on people and businesses. Very quickly, people’s normal routines – working in the office, eating out, face-to-face gatherings with loved ones and friends – were changed. Firms had to return to the drawing board to work out contingency plans to stay in business. The economy swiftly slipped into contraction, setting a grim record for the second quarter even with nearly S$100 billion in stimulus, and is now set for its worst-ever recession. READ: COVID-19 downturn to be more prolonged than past recessions, slow recovery for jobs market: MAS With uncertainty about when the COVID-19 crisis will come to an end, coping with hurtling changes has been the only constant. Economic scarring aside, the pandemic has, among other … [Read more...] about IN FOCUS: After COVID-19, where are the Singapore economy, workforce headed?