DBS says crisis could cost Singapore 99,000 jobs

Singapore's unemployment rate is likely to hit a 20-year high of 5% in 2010, with 99,000 jobs expected to be lost, according to a report by DBS.

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

A summary on the job cuts estimate:
DBS: 99,000
Credit Suisse : 300,000
NUS Economics Dept: 130,000

In between, DBS estiamtes manufacturing jobs are likely to be worst hit with an expected 58,000 job losses next year.

Unemployment is likely to hit 4.8 percent this year and peak at 5 percent by the middle of 2010, it said. That figure would be a “20-year high,” according to the Singapore daily, Straits Times.

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