Singapore’s Labor Chief Says Layoffs Would Be Below Past Peaks

(RTTNews) - The number of unemployed in Singapore will be below its peaks of past downturns, Singapore media reported quoting labor chief Lim Swee Say.

“After eight months, we are on track to reach the target,” Lim said Thursday.

Lim sees a ‘good chance’ for layoffs to total 30,000, which was the high in 1998 during the Asian financial crisis. In the first half of this year, layoffs were 15,700.

Moreover, he said the jobless rate is unlikely to match the peak of 4.3% recorded in 2003 during the SARS crisis.

The seasonally adjusted jobless rate was steady at 3.3% in the June quarter compared to the March quarter. During the first six months of the year, the economy contracted 6.5%.

“We have done unusually well in these unusual times,” Lim said.

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