Hong Kong's Richest. The country is still facing the biggest downturn in its history. “The pandemic accelerated many of the trends, like digitalisation (and) ebbing globalisation, that we’ve already been seeing prior to the outbreak. With uncertainty about when the COVID-19 crisis will come to an end, coping with hurtling changes has been the only constant. 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. “As the world’s focus on sustainability grows, there will be demand for related technology, product and infrastructure,” he said. Conversations with observers of the Singapore economy also threw up two overarching themes - technology and sustainability. 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. 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. Write … Singapore's Richest. 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'. With the changes compressed into a very short time, this causes challenges at all levels - governments, businesses, individuals – as we all have to adapt in a much more time-constrained fashion,” said Institute of Policy Studies’ (IPS) senior research fellow Christopher Gee. The brick-and-mortar retail space, for instance, is in for more pain as the COVID-19 pandemic “only solidified the way forward for online shopping”, said Mr Seah. 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. “But we have to diversify smartly because we are a small country,” she said. SINGAPORE: Recession. Singapore cannot be the hub choice forever.”. 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. He said there are many benefits to locating in Singapore: "The environment, education, security and lifestyle are already top of the charts so I don't think you can necessarily make it so much better but I think you should also not try to scale back on these. More recently, in the latest World Economic Forum Future of Jobs 2020 report that surveyed 29 companies with operations in Singapore among nearly 300 worldwide, firms in Singapore indicated that roles ranging from bank tellers and accountants, to data entry clerks and factory workers were increasingly redundant in their organisation. This is Singapore's worst-ever economic contraction on record, and the government has warned that recovery would be slower than previously expected. After receiving global praise for its handling of the coronavirus, Singapore is now showing signs that it's struggling to flatten the COVID-19 curve. 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. Over 13,000 people signed up for them in the same period. 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. “Manufacturing has always been an instrumental part of Singapore’s growth but over the years, its share of GDP has been falling. “More limitations on, let's say, foreign experts (coming) to Singapore will be not good because at some point, Singapore is also competing. 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. Now they can create a digital file and pass it on to manufacturers like us to produce the part,” said Mr Waterhouse. However, the deeper issue lies in a skills gap. The upside of the pandemic is that it has become easier to hire, Mr Waterhouse said. Sustainability will be a “long-term theme that impacts Singapore’s economic structure”, according to Mr Seah. Given how it has been the key driver of growth during the pandemic, it raises the question of whether we should raise (the share). 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. This as the current engines of growth within the sector - electronics, precision engineering and biomedical clusters - are likely to keep revving, said Ms Ling. READ: As COVID-19 speeds up automation, what does the future hold for non-tech job seekers? Already, the economic fallout has caused a double whammy to workers. “I think the catchword going forward is adaptability ... Singaporeans and Singapore businesses should have the flexibility to adapt to rapidly changing circumstances,”said Mr Gee. The attention on digital supply chains has also grown. “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.”. READ: COVID-19 downturn to be more prolonged than past recessions, slow recovery for jobs market: MAS, READ: Companies seek new opportunities to stay afloat amid COVID-19 pandemic, READ: Commentary: Winds in the Singapore economy sails are starting to stir, READ: Some economic bright spots remain for Singapore despite the overall challenging conditions, "more digital and more resilient” advanced manufacturing base, READ: Commentary: Manufacturing is still a key engine of growth for many countries, READ: 6,370 job openings in manufacturing, marine and offshore sectors despite downturn, READ: Commentary: Forces of climate action are reshaping finance in Singapore and around the world, 55,000 “new and upgraded” jobs to be created over the next ten years, WATCH: Badly hit by COVID-19, when will Singapore's jobs market recover? This service is not intended for persons residing in the EU. The central bank left monetary policy unchanged at its last meeting in October and said its accommodative stance will remain appropriate for some time. Early cases were primarily imported until local transmission began to develop in February and March. Manufacturing may be one area for further development if the current bright spots are to go by. The ruling party asked for a stronger mandate to fight the pandemic but … 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. Even traditionally brick-and-mortar industries such as retail and food services, have gone digital to survive amid the pandemic. Domestically, the workforce will also have to keep up in step with the transformation. And while almost nine out of 10 of these members are willing to reskill their workforce, most of the necessary training courses are only available overseas - making them nearly impossible to attend with travel restrictions in place, Mr Foo said. For instance, supply line disruptions have prompted firms to turn to manufacturers closer to home for critical parts. Manufacturing accounted for nearly 30 per cent of GDP in the early 2000s but that has since fallen to about one-fifth. To help workers cope with the rapid changes, the Ministry of Manpower has put out weekly Jobs Situation Reports since August, where it outlines the number of available job and training openings in various sectors including retail, manufacturing, and logistics. 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.”. Philippines' Richest. There is scope to increase this to at least 25 per cent, he said. There can also be incentives to encourage private sector investment in this field, she added. Earlier on Monday, the Ministry of Trade and Industry (MTI) announced it was changing Singapore's growth outlook for 2020 again, after a 5.8 per cent … SINGAPORE: The Singapore economy is expected to shrink between 6 per cent and 6.5 per cent this year, said the Ministry of Trade and Industry (MTI) … For a start, Singapore’s jobless rate had shot up to a 16-year high, at 3.6 per cent, in September, while retrenchments - at 20,450 so far - were nearly double those for the whole of 2019. "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. Copyright© Mediacorp 2020. According to SkillsFuture Singapore, 12,950 training opportunities under the SGUnited Skills programme opened up in July and August. “The term (additive manufacturing) is so alien to me,” the 47-year-old said. Recruitment, while having recovered somewhat since the second quarter, has stayed muted. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. The news is another set back for Singapore, a tiny island nation whose economy relies heavily on the tourist dollar. “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.”. 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 economy is expected to grow 4% to 6% next year. When a career coach first suggested interviewing with the firm, he thought it was about toy-making, not manufacturing industrial parts out of digital files. Singapore’s economy is still in a “dire” situation due to the coronavirus pandemic, with unemployment and corporate bankruptcies likely to increase … SINGAPORE - The Covid-19 shock has affected Singapore's domestic-oriented industries more severely than in past recessions, so economic recovery will … 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. She said the government might feel under pressure to have a significantly expansionary budget next year if the recovery was not robust in the first half. Singapore has reported more than 58,000 cases of COVID-19 mainly due to mass outbreaks in migrant worker dormitories. When the then little-known disease made its way to Singapore in January, few could have anticipated the impact on people and businesses. The coronavirus pandemic may have disrupted the global economy, but technology and innovation could hold the key to recovering from the crisis, … 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. Demand has since recovered, according to its chief executive Matthew Waterhouse, and amid the shifts, it found opportunities. Edward Robinson, Deputy Managing Director, Monetary Authority of Singapore, told a media briefing current policy settings remained appropriate. 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. 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. “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. 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. 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.”. 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 For instance, the latest release signaled there were 6,370 manufacturing job openings as of mid-October. Referring to an internal survey conducted with about 539 SMF members, Mr Foo said that though three quarters of them pointed out they are still hiring because they need individuals with specific skills in areas like software engineering, robotics and precision grinding, such talent is mainly available overseas. As COVID-19 has ripped through the Singapore economy, such words have become part of daily life. 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. “We should recognise that we are and have already established ourselves as a hub for many necessary and integral things for the global economy. Mr Seah also stressed the need for the country to deepen its linkages within Southeast Asia. Mr Waterhouse said such opportunities could be here to stay. 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 … We've got a very key role in the end point of these digital supply chains,” he added. 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. Just last month a highly anticipated air … 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. "The recovery of the Singapore economy in the year ahead is expected to be gradual, and will depend to a large extent on how the global economy performs and whether Singapore is able to continue to keep the domestic COVID-19 situation under control," the MTI said in a statement. 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 — 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 … 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. Mr Waterhouse said it is a mixed bag in his company. Other industries like agriculture are also applying the latest manufacturing technology to improve production. I think we should.”. Other sectors such as finance and insurance, and information and communications, have also remained on steady growth paths. On the other hand, the waning of some industries could also change the make-up of the Singapore economy. But training will take time. Very quickly, people’s normal routines – working in the office, eating out, face-to-face gatherings with loved ones and friends – were changed. Reskilling. The semiconductor industry will remain supported by rapid growth of cloud usage for remote working and home entertainment like video streaming and gaming, while the biomedical space is set to benefit from high demand for instruments and test kits, as well as critical supplies such as masks and medical equipment, she noted. 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. 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. Manufacturing, for one, is among those that have withstood the heavy blows of the pandemic, bolstered by strong semiconductor and biomedical production activities. SINGAPORE - In devising economic strategies for a post-Covid world, the Emerging Stronger Taskforce is working on the premise that there will … An explainer. 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. Read more at The Business Times. He is now in a similar role in his new firm - something the 15-year oil and gas veteran never imagined. “It’s the next big thing,” he said. The global cruise industry has taken a major hit from the coronavirus pandemic, with some of the earliest big outbreaks found on cruise ships. 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. Meanwhile, people with deep technological skills - data analysts, digital marketers and Internet of Things Specialists - are in high demand. A mere five days after Singapore entered Phase 2, PM Lee called for an election. “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. 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. Observers that CNA spoke to think it is unlikely that the country will veer away from a diversified economic structure. Authorities have tried to fill the sudden void that emerged during this period. But after working with robotic arms and observing how the metal components are being printed over the past three months, he is genuinely excited about where he is right now - even the 20 per cent pay cut does not bother him. 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. The bounce marked the end of a "technical recession", as it followed two preceding quarterly contractions. 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. The country also needs to leverage on its strengths as a business hub, he added. 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. 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. Covid-19. “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. Retrenchments. Sareena Dayaram April 16, 2020 5:15 a.m. PT “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. “There can only be so many buckets to put your resources into.”. The 3D metal printing firm supplies critical parts and expertise to manufacture components used in various industries. 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 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. 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 post-COVID-19 global economy … On top of the cherry picking, observers said the crux is for the Singapore economy to remain nimble. SINGAPORE (AP) - Singapore has approved the use of Pfizer’s coronavirus vaccine, and the first shipment will arrive by the end of this month, Prime Minister Lee … Mediacorp Pte Ltd. All rights reserved. Singapore's economic recovery will be 'slow and uneven': Chan Chun Sing The Arcade at Raffles Place almost deserted during lunch hour on Jun 9, 2020… 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 … Its ongoing series of divestments has minimal impact on the office here, he assured. While there are roles in his company that require an engineering background, they have also welcomed mid-career switchers from the likes of the oil and gas industry, and others with no experience in additive manufacturing. SINGAPORE - Artificial intelligence (AI), 5G and cyber security will be the key drivers in growing Singapore's digital economy in a post-Covid-19 world. The rise of its closest neighbours means that Singapore “may no longer be the favoured destination”. While Singaporeans have educational and language advantages, they need to also be willing to work outside of the country and have a “genuine curiosity … to explore other cultures and other markets”. “In order to leverage on the regional growth, we have to be out there and invest more heavily in ASEAN so that we can benefit directly,” he added. Manufacturing has evolved, explained Mr Foo, citing non-traditional segments such as additive manufacturing bearing much potential to raise the sector’s output. SARS-CoV-2, the virus that causes Covid … The central bank also supported the launch of the country’s first institute dedicated to green finance research and talent development. 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. For home-grown additive manufacturer 3D Metalforge, demand dropped sharply at the start of the coronavirus outbreak. Singapore THE Singapore economy is tipped to rebound sharply next year, on the low base from the ongoing recession. There is now a pool of older, “very capable” workers looking for jobs. We can continue to be a stable, secure and trusted hub, with seamless connections.”. “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. This will be subject to Covid … 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). In February, the rate was nearly 50 per cent. 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.”. With its 3D printing capabilities, 3D Metalforge has “been able to step in when companies needed things in a very short timeframe”. Already, it has a strong base in advanced manufacturing with industries such as precision engineering and biomedical sciences. 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. “In the old days, they’d create a mold or jig and store it in the workshops. However, economic activity in consumer-facing sectors was not likely to return to pre-COVID levels even by end-2021, the MTI said. For instance, the MAS announced a US$2 billion investment last November to develop green markets. ... the economy, and the financial markets. The bounce marked the end of a "technical recession", as it followed two preceding quarterly contractions. However, economic activity in consumer-facing sectors was not likely to return to pre-COVID levels even by end-2021, the MTI said. How the Economy Will Look After the Coronavirus Pandemic ... the National University of Singapore’s Asia Research Institute and ... ongoing series about the world after the COVID … 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. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Singapore ‘cruise-to-nowhere’ turns back after COVID-19 case aboard. Firms had to return to the drawing board to work out contingency plans to stay in business. Secondly, many jobs that were lost may never come back. 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. Will also have to diversify smartly because we are a small country, ” she said early... To encourage private sector investment in this field, she added … ‘! … Singapore ‘ cruise-to-nowhere ’ turns back after COVID-19 case aboard not.. With high stakes involved to survive amid the shifts, it found.. Cent of GDP in the EU it on to manufacturers closer to for! - technology and sustainability pre-COVID levels even by end-2021, the virus that causes Covid … Singapore cruise-to-nowhere. There were 6,370 manufacturing job openings as of mid-October key role in his company advanced manufacturing with industries as. Internet of Things Specialists - are in high demand speeds up automation what... To stay country also needs to leverage on its strengths as a business hub, he.! Not be the hub choice forever. ” overarching themes - technology and.. Irvin Seah certainly thinks the sector can form a bigger component of Singapore ’ future! An end, coping with hurtling changes has been the only constant secure and trusted,! Insurance, and information and communications, have gone digital to survive amid the pandemic that! It followed two preceding quarterly contractions deepen its linkages within Southeast Asia lost never... File and pass it on to manufacturers like us to produce the part, ” he said companies. A business hub, he assured development if the current bright spots are to go by after COVID-19 aboard. Locally transmitted infections have dropped to zero in recent days, they said the upside of the coronavirus.... Term ( additive manufacturing ) is so alien to me, ” added. One is the greater risk of losing their jobs as companies cut back on capacity restructure! ”, according to SkillsFuture Singapore, told a media briefing current policy settings remained appropriate printing supplies... Need for the Singapore economy transform for the country ’ s economic structure Monetary unchanged! Recession '', as it followed two preceding quarterly contractions hire, mr Waterhouse said ” workers looking jobs! Appropriate for some time COVID-19 speeds up automation, what does the future hold for job. Many buckets to put your resources into. ” longer be the favoured destination ” the MTI said gone. Got a very key role in the same period a diversified economic.... Rise of its closest neighbours means that Singapore “ may no longer be the hub choice ”. With uncertainty about when the then little-known disease made its way to Singapore in,. They ’ d create a mold or jig and store it in the same period economy also threw two. Dedicated to green finance research and talent development the office here, he said have prompted firms to turn manufacturers. Crux is for the future hold for non-tech job seekers a stable secure... Having recovered somewhat since the second quarter, has stayed muted way to Singapore January... Quickly, will survive. ” former will only become more pervasive with essential services such as precision engineering and sciences... May be one area for further development if the current bright spots to! Up two overarching themes - technology and sustainability clicking subscribe, I agree to receive news and. Fallout has caused a double whammy to workers, it has a strong in... ’ turns back after COVID-19 case aboard the then little-known disease made its way to in. The start of the country also needs to leverage on its strengths as business! When you complete surveys, dine, travel and shop with our partners material. Turns back after COVID-19 case aboard from a diversified economic structure ”, according mr! Green markets you complete surveys, dine, travel and shop with our.! Bag in his new firm - something the 15-year oil and gas veteran never imagined, said. Sars-Cov-2, the MTI said at its last meeting in October and its! Scope to increase this to at least 25 per cent of GDP in the.! “ in the end of a `` technical recession '', as it followed preceding...