Singapore: Companies in Singapore laid off 12,600 workers in the first three months of this year as the economy grappled with a deep recession, the government said Thursday.
A bulk of the job losses came from the key manufacturing sector which laid off 9,000 workers mainly from the electronics industry, the Manpower Ministry said in a statement citing preliminary estimates.
Manufacturing has been hit hard by a sharp decline in demand for the city-state’s exports due to the worldwide economic downturn that has affected major markets like the United States, Europe and Japan.
The number of layoffs in the March quarter compared with the 9,410 people who lost their jobs in the final three months of 2008.
The seasonally adjusted unemployment rate rose to 3.2% in March from 2.5% in December 2008, the ministry said.
Singapore’s trade-reliant economy fell into a recession in the third quarter of last year and is likely to shrink by up to 9.0% this year as the country deals with its worst economic crisis since independence 44 years