{
    "success": true,
    "data": {
        "id": 1108603,
        "msgid": "singapores-descent-sharper-than-expected-1447893297",
        "date": "2001-08-11 00:00:00",
        "title": "Singapore's descent sharper than expected",
        "author": null,
        "source": "AFP",
        "tags": null,
        "topic": null,
        "summary": "Singapore's descent sharper than expected SINGAPORE (AFP): The Singapore economy turned negative in the second quarter for the first time since the Asian financial crisis with growth contracting by 0.9 percent, the government said Friday. The grim year-on-year figures were reflected in the employment statistics which showed 5,600 job losses, 72 percent higher than the 3,248 retrenchments in the first quarter.",
        "content": "<p>Singapore's descent sharper than expected<\/p>\n<p>SINGAPORE (AFP): The Singapore economy turned negative in the<br>\nsecond quarter for the first time since the Asian financial<br>\ncrisis with growth contracting by 0.9 percent, the government<br>\nsaid Friday.<\/p>\n<p>The grim year-on-year figures were reflected in the employment<br>\nstatistics which showed 5,600 job losses, 72 percent higher than<br>\nthe 3,248 retrenchments in the first quarter.<\/p>\n<p>The ministry of trade and industry said the forward-looking<br>\nindicators point to continued weakness in the Singapore economy,<br>\nbut it was maintaining its full-year growth forecast of 0.5 to<br>\n1.5 percent.<\/p>\n<p>The 0.9 percent contraction in gross domestic product (GDP),<br>\ntelegraphed by Prime Minister Goh Chok Tong is his somber<br>\nNational Day message this week, was worse than last month's<br>\ninitial estimate of 0.8 percent shrinkage.<\/p>\n<p>In the first quarter, GDP rose a revised 4.7 percent year-on-<br>\nyear.<\/p>\n<p>With the country in recession due to weak global demand,<br>\nespecially for electronics, the ministry of trade and industry<br>\nsaid all sectors of the economy registered slower growth except<br>\nfor financial services.<\/p>\n<p>The crucial manufacturing sector, which had double-digit<br>\ngrowth in 1999 and 2000, contracted by a sharp 9.6 percent in its<br>\nworst performance in 16 years.<\/p>\n<p>\"This was due mainly to the electronics products industry<br>\nwhich deteriorated further to fall by 19 percent. All key<br>\nsegments, except computers, saw negative growth,\" the ministry<br>\nsaid in a statement.<\/p>\n<p>Almost 9,000 workers have been laid off so far this year and<br>\nthe worst is yet to come.<\/p>\n<p>\"Unemployment is likely to rise further in the months ahead as<br>\nthe full impact of the economic downturn filters into the labor<br>\nmarket,\" the trade ministry said.<\/p>\n<p>The weakening external outlook will have a significant impact<br>\non trade-dependent Singapore with its heavy reliance on<br>\ntechnology exports.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/singapores-descent-sharper-than-expected-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
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