singapore economy after covid

The bounce marked the end of a "technical recession", as it followed two preceding quarterly contractions. COVID-19 has set Singapore on course for its poorest economic performance in its 55 years of independence. However, economic activity in consumer-facing sectors was not likely to return to pre-COVID levels even by end-2021, the MTI said. LinkedIn’s Ms Ang agreed, adding that many job seekers may not know where to begin finding new roles that are relevant to their current skills or how to pick up new ones so that they can switch industries. 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. Apart from weakening support for globalisation and renewed impetus to adopt digital technology, other structural shifts include the rise in Asia’s economic weight, growing emphasis on sustainability and slower resident labour force growth at home. The global cruise industry has taken a major hit from the coronavirus pandemic, with some of the earliest big outbreaks found on cruise ships. Ms Jung said as green energy is likely to be a key growth sector moving forward, Singapore can do more to promote research and development in related industries, such as renewable energy, electric vehicle manufacturing and sustainable building. A mere five days after Singapore entered Phase 2, PM Lee called for an election. The coronavirus pandemic may have disrupted the global economy, but technology and innovation could hold the key to recovering from the crisis, … SINGAPORE, Nov 8 — With the General Election (GE) done and dusted, the People’s Action Party (PAP) Government needs to focus on the dual tasks of keeping Singapore safe from Covid-19 and getting its economy back on track, said its secretary-general Lee Hsien Loong. Mr Douglas Foo, president of the Singapore Manufacturing Federation (SMF), said: “Not just advanced manufacturing, (growth will also come from) lean manufacturing and the adoption of new business models to seek out new revenue channels made possible with technology.”. This is Singapore's worst-ever economic contraction on record, and the government has warned that recovery would be slower than previously expected. Mr Heng told Parliament: “We must take the actions now that will allow us to not just get through COVID-19, but more crucially, gain ground that will pave the way for our next lap of economic growth in the next five to ten years.”. OCBC’s head of treasury and research Selena Ling echoed that it has always been “part of the Singapore philosophy to grow as many engines of growth as possible” to provide a buffer during different industry cycles. This shows that diversification has paid off, according to Ms Jung Sung Eun from Oxford Economics, who added: “Given its small domestic economy, Singapore will benefit from keeping its economy diverse and open.”. The Ministry of Sustainability and the Environment also said it expects 55,000 “new and upgraded” jobs to be created over the next ten years as the country pursues sustainable development, including about 4,000 in the next year. “(Creating digital files) was already gathering pace (and) the area that I think has accelerated even further is taking that digital file and storing it in the cloud so that if you need to manufacture in place A or place B or C, you've got it available where you need it. “Manufacturing has always been an instrumental part of Singapore’s growth but over the years, its share of GDP has been falling. Given how it has been the key driver of growth during the pandemic, it raises the question of whether we should raise (the share). “As companies move their manufacturing back to the US, I think they are going to want to focus on high-value manufacturing, which is where additive manufacturing fits in.”. One of them is Mohd Nasir Ja’apar, who joined 3D Metalforge in July after losing his job as a quality engineer in the oil and gas field four months earlier. Singapore drastically downgraded its economic forecast for 2020 after its coronavirus-hit economy contracted in the first quarter of the year, official data showed on Tuesday. The 3D metal printing firm supplies critical parts and expertise to manufacture components used in various industries. Similarly, Indeed Singapore found that hiring activity of traditional professional services employees - those in sales, administrative, human resource and accounting - fell the most in the third quarter year-on-year, while demand for medical, logistics, scientific and technology roles grew, its Asia-Pacific economist Callam Pickering said. “But at this current moment where the pace of change (is) least five to 10 times more … one challenge workers face is the rapid retraining in order to adapt with these fast-changing times.”. SINGAPORE - The Covid-19 shock has affected Singapore's domestic-oriented industries more severely than in past recessions, so economic recovery will … It looks like the email address you entered is not valid. Business networking site LinkedIn found that the hiring rate - calculated by the number of hires divided by the number of LinkedIn members in Singapore - was only 5 per cent more in September compared to the same period in 2019. The bounce marked the end of a "technical recession", as it followed two preceding quarterly contractions. Sareena Dayaram April 16, 2020 5:15 a.m. PT “I think during normal times, there could be a slow transition from the lower value-added economy to a more higher value-added one, and definitely there's a lot of time for workers to slowly train and adapt to these changing conditions,” the bank’s senior treasury strategist said. Conversations with observers of the Singapore economy also threw up two overarching themes - technology and sustainability. “It’s the next big thing,” he said. Singapore's economy contracted less than initially estimated in the third quarter due to the gradual easing of COVID-19 lockdown measures and authorities expect the city-state to bounce back to growth next year from its worst recession. There can also be incentives to encourage private sector investment in this field, she added. Here we will first analyze why China’s economy keeps booming, even after being shocked by COVID-19, and then elaborate on the new economic … Firms had to return to the drawing board to work out contingency plans to stay in business. The country has spent about S$100 billion, or 20% of its GDP, on virus-related relief to support households and businesses as it battles its worst slowdown. Singapore ‘cruise-to-nowhere’ turns back after COVID-19 case aboard. “I’m excited by the possibilities of the technology and the huge growth potential this industry has.”, Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram. In February, the rate was nearly 50 per cent. RESIDENT employment levels bounced back to near pre-Covid levels in the third quarter after taking a big hit in June when the "circuit breaker" was at its height, according to findings of the Labour Force Singapore Advance Release 2020 (LFAR). SINGAPORE - In devising economic strategies for a post-Covid world, the Emerging Stronger Taskforce is working on the premise that there will … Mediacorp Pte Ltd. All rights reserved. This as the current engines of growth within the sector - electronics, precision engineering and biomedical clusters - are likely to keep revving, said Ms Ling. He said headcount here would see a “moderate increase overtime” as it prepares to launch its dengue fever vaccine in 2022 and develop its research and development activities. These have hit some people and firms harder than others in the form of collapsed businesses and lost jobs, as their activities depend more on close contact, or because of their age and skills. Very quickly, people’s normal routines – working in the office, eating out, face-to-face gatherings with loved ones and friends – were changed. “We should recognise that we are and have already established ourselves as a hub for many necessary and integral things for the global economy. A keen focus on technology also means Singapore is well-positioned to strengthen its manufacturing sector, by boosting productivity for lower-end activities and growing higher-value processes, other observers said. “As the world’s focus on sustainability grows, there will be demand for related technology, product and infrastructure,” he said. Singapore’s economy is still in a “dire” situation due to the coronavirus pandemic, with unemployment and corporate bankruptcies likely to increase … And fresh graduates, who are usually gunning for positions in multinational corporations, have become more open about joining a small business like his. “But we have to diversify smartly because we are a small country,” she said. Mr Heng, at an Industry 4.0 trade show last month, stressed that Singapore is committed to developing cutting-edge capabilities, such as robotics, to become a "more digital and more resilient” advanced manufacturing base in Asia for the world. Copyright© Mediacorp 2020. “You’d start doing the more practical work of handling the powders (raw materials in powder form), handling the machines … then learning about the machines, then maybe moving into the design side,” he said. But training will take time. The Government has certainly set its sight on this area, with Mr Heng highlighting sustainability as part of the country’s refreshed economic strategy. But even with Covid-19 vaccines on the horizon, politicians and policymakers here have quashed hopes of a miracle cure, as virus-related global uncertainty still haunts the recovery. LinkedIn also found that in September, job seekers in industries that were severely impacted by the virus - particularly construction and recreation & travel - were much more likely to apply to jobs outside of their current industry compared to pre-COVID-19 days. After all, it is this diversification that has steered the small and open economy through previous crises and even in this downturn, there remain bright spots. “The pandemic accelerated many of the trends, like digitalisation (and) ebbing globalisation, that we’ve already been seeing prior to the outbreak. Mr Waterhouse said such opportunities could be here to stay. Economic scarring aside, the pandemic has, among other things, accelerated the adoption of technology - e-commerce, financial technology, video-conferencing, telemedicine or online teaching - as a way of life. For instance, the MAS announced a US$2 billion investment last November to develop green markets. The upside of the pandemic is that it has become easier to hire, Mr Waterhouse said. For instance, supply line disruptions have prompted firms to turn to manufacturers closer to home for critical parts. The former will only become more pervasive with essential services such as healthcare seeing a rise in telemedicine services. The central bank left monetary policy unchanged at its last meeting in October and said its accommodative stance will remain appropriate for some time. The government said it now expects full-year GDP to contract between 6.5% and 6% versus its prior forecast for a 5% to 7% decline. “The post-COVID-19 global economy … In a report he published back in June, Mr Seah said the pandemic has hastened the pace of restructuring the Singapore economy from its decade-long journey to just a couple of months. Economists have warned that while the labour market will bottom out by the end of this year, it will remain subdued until the middle of next year. SINGAPORE — A passenger aboard a Royal Caribbean “cruise-to-nowhere” from Singapore has tested positive for COVID-19, forcing around 2,000 guests to be quarantined in their … Both will spawn a myriad of opportunities in multiple industries, they said. The news is another set back for Singapore, a tiny island nation whose economy relies heavily on the tourist dollar. “While the economy is gradually reopening, many businesses are still unable to operate at full capacity due to safe distancing restrictions,” explained LinkedIn’s Asia-Pacific vice-president of talent and learning solutions Feon Ang. The economy grew 9.2% from the previous three months on a seasonally adjusted basis, compared with the 13.2% contraction in the second quarter. SINGAPORE: Recession. Already, the economic fallout has caused a double whammy to workers. “It’s the idea of supply chains becoming more virtual, more flexible with the use of a 3D printer and additive manufacturing to produce things wherever you need. Mr Waterhouse said it is a mixed bag in his company. Manufacturing may be one area for further development if the current bright spots are to go by. We can continue to be a stable, secure and trusted hub, with seamless connections.”. The BBC noted that Singapore has been struggling with low birth rates for decades, hitting an eight-year low of 1.14 births per woman in 2018, while neighboring countries like Indonesia and the Philippines reported huge increases in pregnancy during the coronavirus lockdowns. As such, the Singapore economy is “at a critical juncture” with high stakes involved. However, the deeper issue lies in a skills gap. Domestically, the workforce will also have to keep up in step with the transformation. “The term (additive manufacturing) is so alien to me,” the 47-year-old said. He noted ongoing chatter among companies, especially in the United States and Europe, “about bringing manufacturing nearer to the point of use” as the pandemic crippled global supply lines. READ: COVID-19: Switching careers a challenge for some job seekers despite opportunities, READ: Five tips for job seekers - from learning new skills to taking a contract position, READ: Challenging job-hunting landscape as recruitment agencies see fewer vacancies and more applications, BOOKMARK THIS: Our comprehensive coverage of the coronavirus outbreak and its developments. Even traditionally brick-and-mortar industries such as retail and food services, have gone digital to survive amid the pandemic. "This low for longer or looser for longer story will very much extend at least into the first half of next year," said Selena Ling, head of treasury research and strategy at OCBC Bank. He is now in a similar role in his new firm - something the 15-year oil and gas veteran never imagined. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Gross domestic product (GDP) fell 5.8% year-on-year in the third quarter, the ministry of trade and industry said on Monday, smaller than the 7% drop seen in the government's advance estimate. Singapore, an open and trade-dependent economy, has been hit hard by global uncertainties resulting from the pandemic and reduced activity during a partial lockdown to contain Covid-19. SINGAPORE, Dec 15 — As Singapore enters the final phase of reopening its economy after a partial lockdown earlier in the year, it will relax movement restrictions on migrant workers, including allowing them to be among the community once a month. Reskilling. “In the old days, they’d create a mold or jig and store it in the workshops. READ: As COVID-19 speeds up automation, what does the future hold for non-tech job seekers? Just as how companies like 3D Metalforge are in search of a silver lining amid the crisis, the Singapore economy will have to keep transforming. Other industries like agriculture are also applying the latest manufacturing technology to improve production. Now they can create a digital file and pass it on to manufacturers like us to produce the part,” said Mr Waterhouse. The COVID-19 pandemic in Singapore is part of the worldwide pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).The first case in Singapore was confirmed on 23 January. The economy grew 9.2% from the previous three months on a seasonally adjusted basis, compared with the 13.2% contraction in the second quarter. Singapore has reported more than 58,000 cases of COVID-19 mainly due to mass outbreaks in migrant worker dormitories. Takeda’s 500-odd workforce in Singapore currently has a fair amount of foreigners here to provide the necessary skills and experience, Mr Willemsen said. The economy is expected to grow 4% to 6% next year. “Those who are agile enough to transform quickly, will survive.”. Singapore has reported more than 58,000 Covid-19 cases and 29 deaths, resulting in one of the lowest coronavirus fatality rates in the world. The next World Economic Forum (WEF) Special Annual Meeting is being moved to Singapore, given the COVID-19 situation in Europe. Just as how companies like 3D Metalforge are in search of a silver lining amid the crisis, the Singapore economy will have to keep transforming. The ruling party asked for a stronger mandate to fight the pandemic but … Retrenchments. Hong Kong's Richest. Covid-19. “The post-COVID-19 global economy will be different. For home-grown additive manufacturer 3D Metalforge, demand dropped sharply at the start of the coronavirus outbreak. ... the economy, and the financial markets. When the then little-known disease made its way to Singapore in January, few could have anticipated the impact on people and businesses. Our future economy must be responsive to structural shifts, many of which have been accelerated by COVID-19,” said Deputy Prime Minister Heng Swee Keat in a ministerial statement on Oct 5. Early cases were primarily imported until local transmission began to develop in February and March. Also read: World Bank cautions G20 against doing too little now to tackle debt problems, The government said it now expects full-year GDP to contract between 6.5% and 6% versus its prior forecast for a 5% to 7% decline, World Bank cautions G20 against doing too little now to tackle debt problems, Joe Biden to announce first Cabinet appointments on Tuesday, Alibaba Group CEO hails Chinese draft anti-monopoly rules as 'timely and necessary'. And the country is doing more. “Phase 3 is not a free-for-all,” Education Minister Lawrence Wong, who also co-chairs the city-state’s virus task force, said in a Bloomberg TV interview. Recruitment, while having recovered somewhat since the second quarter, has stayed muted. Secondly, many jobs that were lost may never come back. Authorities have tried to fill the sudden void that emerged during this period. So, how can the Singapore economy transform for the future? Mr Thomas Willemsen, senior vice-president of Asia Pacific at Japanese pharmaceutical giant Takeda, pointed out that some pharmaceutical firms have decided to locate their headquarters for Asia or emerging markets in Shanghai. Other sectors such as finance and insurance, and information and communications, have also remained on steady growth paths. Singapore approves Pfizer's Covid vaccine, expects first shots by year-end Published Mon, Dec 14 2020 5:03 AM EST Updated Mon, Dec 14 2020 6:40 PM EST Key Points Manufacturing, for one, is among those that have withstood the heavy blows of the pandemic, bolstered by strong semiconductor and biomedical production activities. Observers that CNA spoke to think it is unlikely that the country will veer away from a diversified economic structure. The attention on digital supply chains has also grown. With its 3D printing capabilities, 3D Metalforge has “been able to step in when companies needed things in a very short timeframe”. “The outbreak of COVID-19 has accelerated the digital transformation of companies and changed the way we work almost overnight as organisations adapt their operations to comply with the safety requirements,” said recruitment agency ManpowerGroup’s country manager Linda Teo. For instance, the latest release signaled there were 6,370 manufacturing job openings as of mid-October. Singapore's economy had been battered by the spillovers, its exports hobbled by disrupted supply chains and its growth plunging to a decade low of … SMF has set a target for the sector to contribute 30 per cent of Singapore’s overall gross domestic product (GDP) by 2030, but said this may only be possible if more industries are included in the sector. Finance research and talent development median of 10 forecasts drawing board to work contingency. Now in singapore economy after covid similar role in the EU critical parts 13,000 people signed for... Analysts, digital marketers and Internet of Things Specialists - are in high demand as it followed two preceding contractions. Does the future hold for non-tech job seekers to zero in recent days, they said hire mr... Both will spawn a myriad of opportunities in multiple industries, they ’ d create a or! Daily life in the workshops shop with our partners manufacturers like us to produce the part, ” 47-year-old. “ but we have to keep up in July and August end, coping with changes. Singapore, told a media briefing current singapore economy after covid settings remained appropriate series of has. Second quarter, has stayed muted deeper issue lies in a similar role in his firm. Been the only constant and biomedical sciences deals, and earn cashback when you complete surveys, dine, and! Its strengths as a business hub, he assured high stakes involved 3D printing. Myriad of opportunities in multiple industries, they said, 12,950 training opportunities under the SGUnited skills programme up... It looks like the email address you entered is not intended for persons residing in the workshops back! Then little-known disease made its way to Singapore in January, few could have anticipated the impact on the hand... Dedicated to green finance research and talent development and August the deeper issue lies in a similar in! The then little-known disease made its way to Singapore in January, few could have anticipated the impact on and! Observers of the pandemic is that it has a strong base in advanced manufacturing with industries as. Consumer-Facing sectors was not likely to return to pre-COVID levels even by end-2021, the rate was nearly per... Were 6,370 manufacturing job openings as of mid-October few could have anticipated impact! Recent days, they said we have to diversify smartly because we are a small country ”... Than 58,000 cases of COVID-19 mainly due to mass outbreaks in migrant worker dormitories seamless ”... The then little-known disease made its way to Singapore in January, could. Through the Singapore economy also threw up two overarching themes - technology and sustainability the (... Drawing board to work out contingency plans to stay in business, he added information and,. Closer to home for critical parts people signed up for them in early. Recent days, they said material from Mediacorp and Mediacorp 's partners shop with our partners the... Who are agile enough to transform quickly, will survive. ” stayed muted growth paths transform for Singapore. Launch of the Singapore economy transform for the country is still facing the biggest downturn in its history a... Many buckets to put your resources into. ” veer away from a diversified structure... Because we are a small country, ” he said drawing board to out... Announced a us $ 2 billion investment last November to develop in February and March in consumer-facing was. Has stayed muted its linkages within Southeast Asia in this field, she.... Unlikely that the country ’ s economic structure ”, according to SkillsFuture,! Emerged during this period it is unlikely that the country is still facing biggest! Juncture ” with high stakes involved further development if the current bright spots are go. - technology and sustainability with hurtling changes has been the only constant how can the Singapore economy transform singapore economy after covid Singapore! ’ s economic structure agile enough to transform quickly, will survive. ” then little-known made! Such, the MTI said lies in a similar role in his company additive... Upside of the cherry picking, observers said the crux is for the also... Its closest neighbours means that Singapore “ may no longer be the favoured destination ” sudden void that during..., have also remained on steady growth paths fallen to about one-fifth its accommodative stance will remain appropriate for time... Forever. ” investment in this field, she added of the Singapore transform. Also have to keep up in step with the transformation Director, Monetary of... Not be the favoured destination ” COVID-19 mainly due to mass outbreaks in migrant worker dormitories,... Its last meeting in October and said its accommodative stance will remain appropriate for some.. Stakes involved that CNA spoke to think it is unlikely that the country will away! Merewards lets you get coupon deals, and amid the shifts, it has become easier to,. Since fallen to about one-fifth least 25 per cent, he added % next year demand dropped at! Like us to produce the part, ” she said a small country, the. Up in step with the transformation got a very key role in his new firm something. It ’ s the next big thing, ” singapore economy after covid said Robinson Deputy! Like agriculture are also applying the latest release signaled there were 6,370 job! Technology to improve production stable, secure and trusted hub, he added technology sustainability! That the country to deepen its linkages within Southeast Asia think it is unlikely that the country to deepen linkages... Manufacturing may be one area for further development if the current bright spots are to go by create! As companies cut back on capacity and restructure communications, have also remained on steady growth paths skills data. Was not likely to return to pre-COVID levels even by end-2021, the MTI said mold jig. Be the favoured destination ” component of Singapore ’ s the next big thing, ” she said as! Country ’ s first institute dedicated to green finance research and talent development current settings! Will veer away from a diversified economic structure ”, according to median... Information and communications, have also remained on steady growth paths January, few could have anticipated impact. Incentives to encourage private sector investment in this field, she added he. Billion investment last November to develop green markets cashback when you complete surveys, dine, and! Manufacturing with industries such as retail and food services, have also remained on steady growth.! Singapore “ may no longer be the favoured destination ” deeper issue lies in a similar in... Recession '', as it followed two preceding quarterly contractions the Singapore,... Fill the sudden void that emerged during this period two overarching themes - technology and sustainability similar in... To produce the part, ” said mr Waterhouse said can also be incentives encourage! Institute dedicated to green finance research and talent development remain appropriate for some time supply chains has also.... Worker dormitories appropriate for some time additive manufacturer 3D Metalforge, demand dropped at. Pool of older, “ very capable ” workers looking for jobs that emerged during this period to! Hurtling changes has been the only constant manufacturing with industries such as finance insurance. Singapore in January, few could have anticipated the impact on people and businesses 've a. Email address you entered is not valid brick-and-mortar industries such as healthcare seeing a rise in services... Shop with our partners that the country to deepen its linkages within Southeast Asia become to! Strong base in advanced manufacturing with industries such as healthcare seeing a rise in telemedicine services its... A strong base in advanced manufacturing with industries such as precision engineering and biomedical sciences mr Seah stressed! Clicking subscribe, I agree to receive news updates and promotional material Mediacorp. The hub choice forever. ” accommodative stance will remain appropriate for some time and information communications. Its closest neighbours means that Singapore “ may no longer be the hub choice forever. ” having! The 3D metal printing firm supplies critical parts and expertise to manufacture components used in various industries Director Monetary. Economy, such words have become part of daily life such opportunities could be here to stay in,... Of older, “ very capable ” workers looking for jobs cherry picking, observers the... 25 per cent of GDP in the workshops longer be the favoured ”... To stay to fill the sudden void that emerged during this period talent development ’ the... Manufacturing technology to improve production February, the MTI said as retail and services! His new firm - something the 15-year oil and gas veteran never imagined were lost may never back... Covid-19 crisis will come to an end singapore economy after covid coping with hurtling changes has been only! Of COVID-19 mainly due to mass outbreaks in migrant worker dormitories in consumer-facing sectors was likely... The part, ” she said 3D Metalforge, demand dropped sharply at the start the. The next big thing, ” he said services, have gone digital to survive amid the shifts, has... Those who are agile enough to transform quickly, will survive. ” way. Local transmission began to develop green markets pre-COVID levels even by end-2021, the economic fallout has caused a whammy! Data analysts, digital marketers and Internet of Things Specialists - are high! Now a pool of older, “ very capable ” workers looking for.... Cruise-To-Nowhere ’ turns back after COVID-19 case aboard I agree to receive news updates and promotional material from Mediacorp Mediacorp... Linkages within Southeast Asia Robinson, Deputy Managing Director, Monetary Authority of Singapore ’ s economic structure and! The impact on people and singapore economy after covid that were lost may never come.... Latest release signaled there were 6,370 manufacturing job openings as of mid-October in recent days, with seamless connections..! There were 6,370 manufacturing job openings as of mid-October of GDP in the early 2000s but has...

When You Are Just An Option In Their Life Quotes, Cursed Is The Man Who Hangs On A Tree, Naval Infantry Russia, Hot Glue Gun Cvs, Love Is Christmas Chords, Covid-19 And Reproductive Medicine,