The forecast is out for Singapore economy outlook to shrink by 6.5%. This is worse than the 4.9 per cent contraction predicted in the previous survey in March. But the headline number is still at the more optimistic end of the government’s forecast of a 6 to 9 per cent contraction. (1st quarter was a -10.1%)
Economists and analysts who took part in the latest quarterly survey also expect a jobless rate of 4.2 per cent by the end of the year, according to the survey released on Wednesday. This is slightly better than the 4.4 per cent unemployment rate forecast in March.
Job cycles usually lag 2 to 3 quarters behind the economic cycle but economists are optimistic that the job situation will improve by year end.
I do think and hope the worst may well be over for the Singapore economy, after the economy shrank 10.1 per cent on year in the first quarter.
That leads me to recall a projection by a Church member who is a lecturer at a local polytechnic they he do see the economy to level-out by 2nd quarter.
Another Church member who is in the distribution line also see some green shoots..as for me who is in the retail sector..well..still need to hang on abit more cos this sector usually is the last to feel any effect, be it upturn or downturn.
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