EMPLOYMENT TRENDS DURING RECESSION: A COMPARISON FROM PEAK TO TROUGH

Over the last three decades, Singapore has experienced four periods of economic downturn during which employment saw a sustained decline. These were the 1984/1985 recession, the 1998 recession arising from the Asian Financial Crisis, the 2001 recession due to the dot.com bust, as well as the recent recession in 2008/2009 caused by the Global Financial Crisis. This box article reviews the employment trends during the 2008/2009 recession in comparison with the trends observed during previous recessions.¹

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