200000 FTs to be laid off, SG population to decline by 4%

[xirtil]

SINGAPORE’S population may shrink in the next two years as ’sizeable’ job losses amid the city- state’s deepest recession force 200,000 foreigners to leave, Credit Suisse Group said in a report on Tuesday.

About 300,000 jobs may be lost by 2010, two-thirds of which are held by foreigners and permanent residents, economists Cem Karacadag and Kun Lung Wu wrote in the report, according to Bloomberg news.

The number of people in Singapore may fall to 4.68 million by 2010 from 4.84 million now, Credit Suisse said.

[lynch these guys]

Sensationalist propaganda by 2 guys with an agenda. Cant believe this so called report is getting media space.

Yes, there will be some shrinkage in the workforce but 4% of the population?? Not if the government has anything to do with it.

I hope employers don't read this rubbish and feel as though they need to act in a kiasu manner to be ahead of the game.

If these 'Economists' were so smart then perhaps they could have averted the billions that CS has been writing off as of late?

[History Lesson?]

Does anyone know what happened to employment levels in 1999/2000 and again post 9/11?

I was an expat in Japan and in 1999 returned to the US when I saw the writing on the wall. Stayed there 5 years before we came back.

I think 300,000 jobs might be a bit of an exageration but could be at the top end of how deep this recession gets.

The Singapore government announced economy shrinkage on the radio this morning as opposed to economy growth.

The storm is here folks.  I hope you all weather it well.

[Vulcanl]

I think that this is a once-in-a-lifetime event, and honestly past experience will not help us determine what happens next.  This is a paradigm shift, it could actually be a net positive for Asia once the dust settles

[SGD Bear]

I think that this is a once-in-a-lifetime event, and honestly past experience will not help us determine what happens next.  This is a paradigm shift, it could actually be a net positive for Asia once the dust settles

I'm sorry to be so rough on you Vulcanl, it's just that you keep on posting stupid comments.  How will the paradigm shift be a net positive for Asia when export falls off of a cliff?  and expats are leaving HK and Singapore by the bus loads?  In fact, the paradigm never shifted, and this current economic downturn just exposed all of the deficiencies of Asian economies - highly dependent on export.  This has been the case since WWII and it won't change soon. 

 

[FuttyNucker]

Jesus wept Vulcanl. Don't you have a plant or pet to share yr dribble with? You have more emotional wailings then a menopasual woman. Two months ago you were telling people to stop posting and hide in the cellar now you're telling people about once in a lifetime experience. For Christ's sake man find a new hobby, post, or board.