Publish your articles and forecasts in our website. Total employment decreased by 26,900, much lower than the previous quarter (-103,800), with both manufacturing and construction sectors falling, while the services sector picking up, mainly in community, social & personal services, and food & beverage services. Singapore's current account surplus increased to SGD 19.62 billion in the fourth quarter of 2020 from SGD 17.27 billion in the same period of 2019, as the services account surplus widened to SGD 6.88 billion from SGD 3.66 billion a year earlier, while the secondary income gap declined to SGD 2.21 billion from SGD 3.07 billion in the same period of 2019. As the dust settles, Eric Yep unpicks the company’s path to self-destruction and assesses the fallout. Singapore's current account surplus dropped to SGD 22.91 billion in the third quarter of 2020 from SGD 24.19 billion in the same period of 2019, as the goods surplus fell to SGD 32.07 billion from SGD 33.82 billion a year earlier. 1986-2020 Data | 2021-2023 Forecast | Calendar. The after effects – including a slumping global economy – led to a second wave of bankruptcies for companies such as GM and Chrysler. “The COVID-19 pandemic has a significant impact on the labor market in 2020. This was the highest jobless rate since the June quarter of 2004, as the COVID-19 crisis took a huge toll on the economy. To ease the burden of workers, the government has launched the $1 billion Jobs Growth Incentive which provides up to 50% salary support for eligible new local hires from September 2020 to February 2021. The Ministry of Manpower said the uncertainty in the economy and weak demand conditions will weigh on the recovery of the labor market. It is the first time the number of retrenchments dipped after five straight quarters of growth. Singapore’s seasonally adjusted unemployment rate dropped to 3.2% in Q4 0f 2020 from an over 16-year high of 3.6% in Q3, a preliminary estimate showed. This was the highest jobless rate since the June quarter of 2004, as the COVID-19 crisis took a huge toll on the economy. Publish your articles and forecasts in our website. In total, nine of the 20 biggest bankruptcies on the list occurred in the 2008-2009 span. On the other hand, the services account surplus rose to SGD 3.80 billion from SGD 1.52 billion in the same period last year. It was the smallest current account surplus since the first quarter 2016, as the goods surplus decreased to SGD 27 billion from SGD 31.07 billion a year earlier while the secondary income gap edged higher to SGD 1.96 billion from SGD 1.94 billion. The goods surplus decreased to SGD 29.85 billion from SGD 36.96 billion a year earlier while the primary income deficit widened to SGD 13.24 billion from SGD 11.35 billion, and the secondary income gap edged higher to SGD 2.45 billion from SGD 2.38 billion. Meanwhile, total employment fell by 13,500 in Q4, amid a further decline in employment in both manufacturing and construction, largely due to reductions in non-resident work permit holders. I have discussed how you can use optimally leveraged and discounted property to generate good income for your retirement. On the hand, the services account surplus increased slightly to SGD 2.27 billion from SGD 2.21 billion in the same period last year while the primary income deficit inched lower to SGD 10.55 billion from SGD 10.72 billion, and the secondary income gap declined to SGD 2.27 billion from SGD 2.38 billion in the third quarter 2019. The Singapore economy is expected to see a gradual recovery over the course of the year, although the pace of recovery is likely to be uneven across sectors," the Ministry of Manpower said. Companies with cash to spend can take advantage of industry valuations that have dropped by an average 33% year-to-date, to a near-recession-era low of 7.8 times enterprise value over EBITDA. Some 5,640 workers were laid off in Q4, down from 9,120 in Q3. For full 2020, the jobless rate rose to 3.0%, the highest in a decade, from 2.3% in 2019, with the resident unemployment rising to 4.1% from 3.1%, while the citizen jobless rate increasing to 4.2% from 3.3%. Despite the deep recession caused by the COVID-19 pandemic last year, the expected spike in global bankruptcies did not occur. Shanghai (China), Bengaluru (India), Singapore, Reading (UK) and Portland (US) – Thursday, 29 October 2020 Xiaomi enters top three for first time as smartphone market picks up in Q3 2020 In Q3 2020, worldwide smartphone shipments reached 348.0 million units, at a 1% decline year on year . Meantime, some 9,100 workers were laid off, compared with 8,130 in Q2. Singapore's current account surplus narrowed to SGD 15.54 billion in the first quarter of 2020 from SGD 17.69 billion in the same period of 2019. While Asian investors are still trying to catch the last train of … I have written about iFast in this article: TOP 10 SINGAPORE GROWTH STOCKS FOR 2020 [PART 2] where I identified iFAST as one of the top 10 Singapore growth stocks for 2020 according to the street’s forecast. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. However, we … It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. It is the first time the number of retrenchments dipped after five straight quarters of growth. Singapore's current account surplus declined to SGD 17.97 billion in the second quarter of 2020 from SGD 24.65 billion in the same period of 2019. Singapore Private Sector Growth Remains Robust, Singapore Retail Sales Rise for 1st Time in 25 Months, Singapore Home Prices Rise for 4th Quarter, Singapore Bank Lending Largest in 10 Months, Singapore Producer Prices Fall at Softer Pace, Singapore Manufacturing Output Growth at 3-Month High, Singapore Exports Rise Less than Expected, Bovespa Ends Lower, But Still Up for The Week, Costa Rica Inflation Rate Rises to 0.47% in March, Ukraine Inflation Rate Jumps to 1-1/2-Year High of 8.5%, Mozambique Inflation Rate at Over 3-Year High, Senegal February Inflation Rate Eases to 1.2% in March, Belgium Industrial Output Growth Flattens in February, Slovenia Industrial Output Falls 1.3% YoY in February, Domestic Exports of Non Oil (nodx) (%yoy). The Trading Economics Application Programming Interface (API) provides direct access to our data. The jobless rate increased for both residents (4.7 percent vs 3.8 percent in Q2) and citizens (4.9 percent vs 4 percent). Direct access to our calendar releases and historical data. Meanwhile, total employment fell by 7,900 in Q4. 1986-2020 Data | 2021-2023 Forecast | Calendar. Singapore Private Sector Growth Remains Robust, Singapore Retail Sales Rise for 1st Time in 25 Months, Singapore Home Prices Rise for 4th Quarter, Singapore Bank Lending Largest in 10 Months, Singapore Producer Prices Fall at Softer Pace, Singapore Manufacturing Output Growth at 3-Month High, Singapore Exports Rise Less than Expected, Bovespa Ends Lower, But Still Up for The Week, Costa Rica Inflation Rate Rises to 0.47% in March, Ukraine Inflation Rate Jumps to 1-1/2-Year High of 8.5%, Mozambique Inflation Rate at Over 3-Year High, Senegal February Inflation Rate Eases to 1.2% in March, Belgium Industrial Output Growth Flattens in February, Slovenia Industrial Output Falls 1.3% YoY in February, Domestic Exports of Non Oil (nodx) (%yoy). However, there is a problem. Singapore’s seasonally adjusted unemployment rate rose sharply to 3.6 percent in the September quarter of 2020 from 2.8 percent in the previous period, a preliminary estimate showed. Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid). Direct access to our calendar releases and historical data. Singapore’s seasonally adjusted unemployment rate jumped to 3.6 percent in the third quarter of 2020 from 2.8 percent in the previous period and in line with the preliminary estimate. You may also notice that one company was on the list twice, and this was not an accident. Houlihan Lokey advised major parties-in-interest in 12 of the 15 largest corporate bankruptcies in the U.S. Advisor in 12 of the 15 Largest Bankruptcies 2000-2020 The retrenchments rose in manufacturing and services, and primarily in arts, entertainment & recreation, and Air transport, which continues to be affected by the outbreak. Although most brands will lose revenue through 2022, we believe some could be in a position to benefit from industry consolidation and bankruptcies. Although latest indicators point to a broad improvement, the labor market is still not back at pre-pandemic levels,” the Ministry Of Manpower said in a statement. Singapore's current account surplus increased to SGD 19.62 billion in the fourth quarter of 2020 from SGD 17.27 billion in the same period of 2019, as the services account surplus widened to SGD 6.88 billion from SGD 3.66 billion a year earlier, while the secondary income gap declined to SGD 2.21 billion from SGD 3.07 billion in the same period of 2019. The Trading Economics Application Programming Interface (API) provides direct access to our data. Download historical data for 20 million indicators using your browser. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Meanwhile, total employment fell by 7,900 in Q4. For full 2020, the jobless rate rose to 3.0% from 2.3% in 2019, with the resident unemployment rising to 4.1% from 3.1%, while the citizen unemployment increasing to 4.2% from 3.3%.