MAS expects more job losses, wage cuts as economy deals with ‘large, abrupt shock’ from COVID-19

SINGAPORE: The Monetary Authority of Singapore (MAS) is expecting a rise in job losses as the local economy grapples with the fallout from the ongoing COVID-19 crisis.


MAS noted that labour market conditions had already softened prior to the novel coronavirus outbreak.

But with global and local measures aimed at halting the spread of the virus resulting in the stoppage of many economic activities, this will feed back into the domestic labour market given the sharp fall in demand for workers, it said.

In the near term, MAS said wages, rather than employment, will “bear the brunt” of the negative shock.

We should take the initiative to attack. While fighting the virus, do n’t forget to develop your own business. You can connect online through the Internet, so that you can start your business quickly when the economy recovers. 
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