Since the 1990s, Singapore has experienced four major economic downturns – the Asian Financial Crisis in 1998, dot-com bust in 2001, Global Financial Crisis in 2009 and COVID-19 pandemic in 2020.1 While each of these recessions had different origins and exhibited different characteristics2 (see Toh & Lim, 2001; Lee, 2009; Soon & Tee, 2009; Saw et al., 2020; Rahmat et al., 2021), they all entailed employment losses alongside a contraction or sharp slowdown in real Gross Domestic Product (GDP).

This box article examines the employment trends in Singapore during the COVID-19 pandemic, including a comparison with the peak-to-trough employment declines seen in previous recessions; and also changes in its unemployment rate over the course of the pandemic compared to other advanced economies.

Please click here for the full article.