Singapore's economy grew 7.2% in 2021, rebounding from recession the previous year

[Mista]

Singapore's economy grew 7.2% in 2021, rebounding from recession the previous year: MTI advance estimates

SINGAPORE: Singapore's economy grew 7.2 per cent in 2021 amid the COVID-19 pandemic, rebounding from a recession in 2020, advance estimates released by the Ministry of Trade and Industry (MTI) on Monday (Jan 3) showed. Singapore's economy

www.channelnewsasia.com

SINGAPORE: Singapore's economy grew 7.2 per cent in 2021 amid the COVID-19 pandemic, rebounding from a recession in 2020, advance estimates released by the Ministry of Trade and Industry (MTI) on Monday (Jan 3) showed.

Singapore's economy shrank 5.4 per cent in 2020 – its first annual contraction since 2001 and the country's worst recession since independence.

Last year, Singapore announced the start of its transition to living with endemic COVID-19 as it saw a wave of new infections driven by the more infectious Delta variant.

Its vaccination programme was ramped up to include booster shots and more age groups, and new measures were also introduced to curb the spread of the coronavirus.

The estimates announced on Monday met the estimates by MTI in November last year. The ministry had narrowed the gross domestic product (GDP) growth forecast for 2021 to "around 7 per cent".

GDP grew 5.9 per cent on a year-on-year basis in the fourth quarter of 2021, moderating from a 7.1 per cent expansion in the previous quarter, the preliminary data showed.

On a quarter-on-quarter seasonally adjusted basis, the economy grew 2.6 per cent in the fourth quarter of 2021, faster than the 1.2 per cent growth in the preceding quarter.

All sectors of the economy recorded year-on-year growth for the full year as well as in the fourth quarter.

Except for construction, performance in all sectors also improved in the fourth quarter on a quarter-on-quarter seasonally adjusted basis.

The advance GDP estimates for the fourth quarter of 2021 are computed largely from data in October and November last year. They give an early indication of the GDP growth in the quarter and may be revised when more comprehensive data is available, said MTI.

MANUFACTURING SECTOR
Manufacturing performance improved 14 per cent year-on-year in the fourth quarter, speeding up from 7.9 per cent in the third quarter.

The sector expanded by 12.8 per cent for the full year.

Growth in the last three months of 2021 was supported by output expansions in all clusters, said MTI.

Electronics and precision engineering in particular continued to record strong output growth, driven by sustained global demand for semiconductors and semiconductor equipment respectively, said the ministry.

On a quarter-on-quarter seasonally adjusted basis, the manufacturing sector grew 4.2 per cent, improving from 0.2 per cent growth in the third quarter.

CONSTRUCTION SECTOR
Construction recorded 2 per cent year-on-year growth in the fourth quarter, slowing from 66.3 per cent in the third quarter.

The sector improved by 18.7 per cent for the full year.

However, in absolute terms, the construction sector's value-added remained 26 per cent below pre-pandemic levels in the fourth quarter of 2019, said MTI.

The ministry said this was because activity at construction work sites continued to be weighed down by labour shortages due to border restrictions on the entry of migrant workers.

On a quarter-on-quarter seasonally adjusted basis, the sector shrank 4.4 per cent in the fourth quarter, reversing the 4.9 per cent growth in the previous quarter.

WHOLESALE AND RETAIL TRADE, TRANSPORTATION AND STORAGE
In services, the wholesale and retail trade and the transportation and storage sectors grew 4.3 per cent in the fourth quarter, extending the previous quarter's 6.1 per cent improvement.

All sectors within this group expanded during the quarter, said the ministry.

"In particular, the wholesale trade sector posted steady growth in tandem with the robust performance of Singapore's merchandise exports," said MTI.

"By contrast, growth in the transportation and storage sector was partly due to low base effects, as travel restrictions had weighed heavily on the air transport segment in the fourth quarter of last year."

Overall, the value-added of this group of sectors remained 2.3 per cent below pre-pandemic levels in the fourth quarter.

On a quarter-on-quarter seasonally adjusted basis, this group grew 2.3 per cent in the fourth quarter, turning around a 0.6 per cent contraction in the previous quarter.

INFOCOMM, FINANCE AND INSURANCE, PROFESSIONAL SERVICES
Collectively, 6 per cent growth was recorded in the fourth quarter for the information and communications, finance and insurance as well as professional services sectors.

This moderated from the 8 per cent growth in the previous quarter.

All sectors within this group expanded, with the infocomm sector in particular benefiting from strong demand for IT and digital solutions as well as robust games and software publishing activities, said MTI.

It added that the finance and insurance sector was bolstered in part by fund management activities.

Sectors in this group posted growth of 3.1 per cent in the fourth quarter on a quarter-on-quarter seasonally adjusted basis, faster than the 1.5 per cent in the previous quarter.

OTHER SERVICES SECTORS
Fourth-quarter expansion of 3.1 per cent was recorded by the remaining services sectors, comprising accommodation and food services, real estate, administrative and support services as well as other services.

Within this group, all sectors grew except for accommodation and food services, said MTI.

Weak performance in that sector was primarily due to ongoing travel restrictions, as well as tighter domestic restrictions, such as dine-in group size limits, during the fourth quarter compared to the same period in 2020, said the ministry.

Overall, the value-added of this group of sectors remained 7.1 per cent below pre-pandemic levels.

On a quarter-on-quarter seasonally-adjusted basis, this group expanded by 4.9 per cent in the fourth quarter of 2021, improving from 1.5 per cent in the previous quarter.

 

[Song Hong]

Singapore economic model is harmful and exploitive. Nations should shunned it. She make used of large number of migrant workers, and every year, many are killed, suicided or died in work accident.

She free her women into work by recruiting large number of slave girls from Myanmar and Philippines for domestic work. Recently abuses against them skyrocketed.

Her citizens were also exploited in such wage arbitration scheme.

GoS pretends they did not see anything.

30 years’ jail for woman who abused and killed Myanmar maid Piang Ngaih Don

SINGAPORE: A 41-year-old woman who killed her foreign domestic worker after repeatedly abusing her over the course of 14 months has been sentenced to 30 years in jail.In February, Gaiyathiri Murugayan pleaded guilty to 28 charges, including culpable homicide, voluntarily causing griev

www.channelnewsasia.com

 

[xuxu1457]

Singapore economic model is harmful and exploitive. Nations should shunned it. She make used of large number of migrant workers, and every year, many are killed, suicided or died in work accident.

She free her women into work by recruiting large number of slave girls from Myanmar and Philippines for domestic work. Recently abuses against them skyrocketed.

Her citizens were also exploited in such wage arbitration scheme.

GoS pretends they did not see anything.

30 years’ jail for woman who abused and killed Myanmar maid Piang Ngaih Don

SINGAPORE: A 41-year-old woman who killed her foreign domestic worker after repeatedly abusing her over the course of 14 months has been sentenced to 30 years in jail.In February, Gaiyathiri Murugayan pleaded guilty to 28 charges, including culpable homicide, voluntarily causing griev

www.channelnewsasia.com

View attachment 805495

This individual case does not represent a universal phenomenon.

 

[Falconless]

Must be due to all the companies ditching Hong Kong over the insane covid polices of that city.

 

[Song Hong]

Singapore government is a parasite and cancer to earth. After replacing entire Singaporean construction work force with Indians and Bangladesh, she open her mouth and accuse Singaporeans of lazy and stupid.

Many families went into poverty, divorce.

Most my relatives in Vietnam and China who did construction now are rich earning lots of monies. My Singapore construction relatives now so poor that a lot cannot even find a wife. A lot go find whore.

Singapore government is depriving hardworking people even a decent women to fcuk.

Singapore construction workers

Hong Kong construction workers

Japan construction workers

 

[Song Hong]

Meanwhile massive numbers of Singaporean workers are getting fired, for no reason or to make way for foreigners. The MSM masturbate the whole firing as "painful of employers".

Singapore journalist and media should go Geylang and be whore.

Commentary: This Great Resignation Wave is painful and frustrating for employers

The string of resignations are straining employers who have had to keep firms afloat, NUS Business School’s Wu Pei Chuan says.

www.channelnewsasia.com

 

[Mista]

Unemployment rates in Singapore continue to decline in Nov 2021: MOM

There were 76,600 unemployed residents in November, of whom 70,200 were citizens. Read more at straitstimes.com.

www.straitstimes.com

Unemployment rates in Singapore continue to decline in Nov 2021: MOM

SINGAPORE - Unemployment rates in Singapore continued to decline in November last year, according to figures from the Ministry of Manpower on Thursday (Jan 6).

The overall unemployment rate was 2.5 per cent, down from 2.6 per cent in October.

The resident unemployment rate fell to 3.2 cent, from 3.4 per cent in October, while the citizen unemployment rate dipped to 3.5 per cent, from 3.6 per cent previously.

"This indicates that our labour market is recovering steadily, with the economy rebounding from the recession in 2020 and GDP (gross domestic product) growing by 7.2 per cent last year," said Manpower Minister Tan See Leng in a Facebook post on Thursday.

"The increase in group sizes for dining out and the opening of more vaccinated travel lanes have allowed sectors hardest-hit by Covid-19 such as food and beverage services and air transport to begin ramping up capacity again. We expect hiring demand in domestic sectors to pick up with gradual relaxation of community measures," said Dr Tan.

There were 76,600 residents who were unemployed in November, of whom 70,200 are citizens.


This is down from the 80,000 unemployed residents in October, including 72,200 citizens.

According to The Business Times, November's figures are the lowest since March 2020, when overall unemployment was 2.5 per cent, resident unemployment 3.5 per cent and citizen unemployment 3.6 per cent.

Dr Tan noted that the road to recovery "is still an uneven one" and that it will be paved with uncertainties.

"With the spread of the Omicron variant throughout the world, it is likely that Singapore will see a new wave of cases in the coming weeks. Businesses and workers need to be adaptable and flexible as the Covid-19 situation changes," he added.

Jobseekers who need support can approach Workforce Singapore and National Trades Union Congress' Employment and Employability Institute for career matching services.


Dr David Leong, managing director of PeopleWorldwide Consulting, a human resources search and advisory firm, said the effect of the Omicron variant on jobs should be minimal.

"The scare factor is substantially reduced as data reveals that this strain is milder, though more infectious. Furthermore, our vaccination rate with boosters is high.

"Unemployment should not be a major concern in the coming quarters as businesses are looking to expand aggressively over lost time," said Dr Leong.

As working from home has become increasingly entrenched, more businesses and employers would have factored this in, and more jobs will also be reconfigured to suit the work-from-home setting, he noted.

 

[Viet]

SG is the perfect place to live, work, rest, leisure in Asia.
Warm weather, great foods,nice people, best infra, clean environment, well governed, last but not least, just one hour flight to Vietnam.

 

[Mista]

SG is the perfect place to live, work, rest, leisure in Asia.
Warm weather, great foods,nice people, best infra, clean environment, well governed, last but not least, just one hour flight to Vietnam.

I think you tend to overate us, because we are not perfect lol. We are just but a small city-state, and Asia is a diverse place. Surely there are many people out there who prefer cold weather, lower population density, larger homes etc in other places, and that's as great.

 

[Viet]

I think you tend to overate us, because we are not perfect lol. We are just but a small city-state, and Asia is a diverse place. Surely there are many people out there who prefer cold weather, lower population density, larger homes etc in other places, and that's as great.

Big is not always beautiful. Look at Asia, if compared to peaceful west Europe it is a mess, a jungle. If a new war breaks out that will be in Far East.

 

[nang2]

Used to be one of the two most free economies with Hong Kong in the world that leave the second runner-up in dust. Now, when Hong Kong is in a shake-up, Singapore seems to be the lone star nowadays.

 

[Song Hong]

The labour participation rate is so incredibly and unbelievably high over the years, compared to similar economy that one year, a minister break down crying on impromtu the plight of the workers, lamenting wages are falling.

On official statistics you never see any of these falling wage showing up.

Singapore

Hong Kong

 

[nang2]

The labour participation rate is so incredibly and unbelievably high over the years, compared to similar economy that one year, a minister break down crying on impromtu the plight of the workers, lamenting wages are falling.

On official statistics you never see any of these falling wage showing up.

Singapore

View attachment 806628

Hong Kong

View attachment 806630

While USA is lamenting its pathetically low labor participation rate, which is below 62% now.

 

[Song Hong]

With a residence size of 4 million, that means about 1 in 4 or 25% of people is surviving on 1100 USD per month.

More than 280,000 households receive $30 public transport vouchers in first stage

The vouchers can be used to top up fare cards or buy monthly concession passes. Read more at straitstimes.com.

www.straitstimes.com

 

[nang2]

With a residence size of 4 million, that means about 1 in 4 or 25% of people is surviving on 1100 USD per month.

More than 280,000 households receive $30 public transport vouchers in first stage

The vouchers can be used to top up fare cards or buy monthly concession passes. Read more at straitstimes.com.

www.straitstimes.com

That is 1100 USD per person per household. If one family has 4 people with one working father, one housewife and two children. That means 4400 USD for that household per month. That is not a meager income for a single bread earner.