Singapore’s unemployment rate could reach around 4 percent in 2020 as the country toils to contain the spread of COVID-19 with an extended circuit breaker that economists say could lead to a deeper recession.
In a report released, DBS Bank's senior economist Irvin Seah said the overall unemployment rate could rise to 3.6 percent, up from 2.3 per cent at end-2019, given that the economy is now expected to shrink 5.7 percent.
We are joined now by Irvin Seah, DBS Senior Economist for his projections, the tech space and strategies to mitigate this.
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