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South Asia is worry about SG Sterling economic engine losing power, why hah?
- Thread starter k1976
- Start date
With Singapore's economy is contracting 0.4 per cent on a quarter-on-quarter basis in the first quarter of this year, and global consumption slowing amid rapid rises in interest rates, the weak numbers heightened the risk of a technical recession in Singapore's export-oriented economy.
A technical recession is defined as two consecutive quarters of contractions
A technical recession is defined as two consecutive quarters of contractions
Maybank economist Chua Hak Bin said to Reuters that the export downturn is deepening and shows "few signs of turning around", with the May data increasing the likelihood that Singapore may have slipped into a technical recession.
Last week, Singapore's Ministry of Manpower (MOM) released its first quarter labour market report for 2023 which suggested a cooling job market as job vacancies dropped to 99,600 from 126,000 in the same period a year ago. Lay-offs also took place at a faster pace with 3,820 employees losing their jobs in the first quarter versus 2,990 in Q4-2022.
Last week, Singapore's Ministry of Manpower (MOM) released its first quarter labour market report for 2023 which suggested a cooling job market as job vacancies dropped to 99,600 from 126,000 in the same period a year ago. Lay-offs also took place at a faster pace with 3,820 employees losing their jobs in the first quarter versus 2,990 in Q4-2022.
However, the total number of employed persons in Singapore grew for the sixth consecutive quarter by 33,000 in the January-to-March period, mainly driven by non-resident workers including Indians. A total of 30,200 of those employed came from overseas mainly to work in the construction and manufacturing sectors. This figure excludes migrant domestic workers who work in households.
With the additional hiring of overseas workers in Q1, a significant milestone was crossed as the number of non-resident employment crossed pre-pandemic levels for the first time. It is now 1.7 per cent higher than in 2019. Total employment in Singapore has surpassed pre-pandemic levels by 3.8 per cent.
With the additional hiring of overseas workers in Q1, a significant milestone was crossed as the number of non-resident employment crossed pre-pandemic levels for the first time. It is now 1.7 per cent higher than in 2019. Total employment in Singapore has surpassed pre-pandemic levels by 3.8 per cent.
1.45 million of Singapore's population are considered non-residents, meaning they are either on various work passes or are students. Based on data published by the Ministry of External Affairs Consular Services, Indian nationals make up about 350,000 or 24 per cent of these non-residents in Singapore.
The proportion of Indian professionals in Singapore has doubled from 13 to 25 per cent between 2005 and 2020, according to Singapore's Minister of Manpower Tan See Leng in July 2021.
Indian talent is internationally portable and tends to look outward for opportunities.
It is currently the largest country of origin for international migrants. In 2020, it accounted for 18 million international migrants, up by 2 million from 2015, based on United Nations Department of Economic and Social Affairs data.
Indian talent is internationally portable and tends to look outward for opportunities.
It is currently the largest country of origin for international migrants. In 2020, it accounted for 18 million international migrants, up by 2 million from 2015, based on United Nations Department of Economic and Social Affairs data.
OCBC Bank chief economist Selena Ling said to Singapore's Straits Times that "the softening labour market outlook is unsurprising given the deterioration in the external environment, including the United States' regional banking problems, China's stumbling recovery and the ongoing global semiconductor slump."
She added, "Recent business sentiments have also softened, as reflected in the manufacturing and electronics Purchasing Managers' Index (PMI) as well as our OCBC SME index. Hiring intentions and employment growth have begun to soften and may moderate in coming months since growth momentum is likely to slow in the second half of 2023."
She added, "Recent business sentiments have also softened, as reflected in the manufacturing and electronics Purchasing Managers' Index (PMI) as well as our OCBC SME index. Hiring intentions and employment growth have begun to soften and may moderate in coming months since growth momentum is likely to slow in the second half of 2023."
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