Singapore suffered significant employment losses due to COVID-19
Singapore suffered an unprecedented magnitude of employment losses during the pandemic, more than in any other crisis, highlights the Ministry of Trade and Industry in a report.
By Q3’2021, the total number of people employed in Singapore had fallen by 196,400, of which 113,500 jobs were lost during the circuit breaker period in Q2’2021.
In comparison, the peak-to-trough employment declines of other crises, such as the dot-com bust saw employment fall by 79,500, the Asian financial crisis by 42,100, and the global financial crisis by 13,800.
“Unlike previous downturns, the COVID-19 pandemic simultaneously affected the Singapore economy through five transmission channels, especially in the earlier stages of the pandemic,” MTI said.
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These include a plunge in international visitor arrivals and air travel, which hit tourism and aviation-related sectors; safe management sectors disrupting consumer-facing sectors like retail and F&B; weak demand and supply chain disruptions impacting outward-oriented industries like wholesale trade and water transport; manpower disruptions as a result of outbreaks in migrant worker dormitories affecting the construction and marine industries; and lower demand in sectors affecting the real estate market in 2020 and early this year.