Economic Contraction in Singapore
This 20-minute conversation with Sébastien shows he’s optimistic. But here are my thoughts:
1. Singapore expects to lost 200,000 jobs. 60% of these are expats. Assuming there are 4 in a family that would be nearly half a million expats leaving. Singapore will become an Asian #financialcenter and less of a #Global financial center.
2. Singapore's second-quarter GDP fell by 42.9% larger than the previously-estimated 41.2%. It marks the city-state's worst ever quarterly economic performance on record, as manufacturing, construction, and services sectors took a big hit during the "circuit breaker" period.
3. The government now predicts full-year GDP to shrink between 5% to 7%, canceling out the growth generated in the last two to three years.
4. Several big companies like Resorts World Sentosa and Pratt & Whitney have announced layoffs, while 6,000 Singapore Airlines staff have taken no-pay leave since the pandemic began.