Financial crisis could lose 99,000 jobs in Singapore

A local Bank predicts that 99,000 jobs will be lost by 2010, or 5 percent in unemployment rate.

It further predicts that the contraction range from to 4.8 per cent in 2009, from 3.3 percent.

The economist from DBS Group Research, said: "In the most recent January numbers, Singapore's non-oil domestic exports to China have fallen by as much as 51.6 per cent as compared to 50 per cent to the US. And that contributed to the sharp 34.8 per cent drop in non-oil domestic exports in January, which is the sharpest ever in history."

Meanwhile another financial institute Credit Suisse predicted that some 300,000 jobs from 2009 to 2010, a sobering figures which will cause pains in the local economy.

However at the local NUS`s Economics Department ,they estimated this 2009 losses be at 130,000 if local economy drops by five per cent.

While different Banks and Department have different number all added up to a sobering figures, some derived from various estimations from bottom up or forcast. Though not an exact science, the numbers is bigger than what the policy maker were given.

It is estimated that manufacturing will shed 58,000 job from the closure of mandated downsizing from foreign company.

Some of the least affected are business services and infocomm, which caters to the support industries of any company taking in more duties after retrenching the other.

The analyst are said the construction sector will also continue to generate significant number of jobs due to its healthy pipeline of projects ,the bulk of foreign construction workers mainly taking menial jobs the local dislike.

The healthcare, education and public services - will see an increase in employment partly because of the government's SPUR and Retraining schemes targeting the laid off workers in the 40s.

It also noted that the Jobs Credit Scheme and other measures from the S$20.5 billion Resilience Package will only assist the multidirections contractions brought on by the recession but as a strong wall to prevent it.

The worse is yet to come and the corner has not been reach yet, it warns. More overseas bad news of the market cycle and higher unemployment and more job losses will be inevitable will inevitable reach the local shore.