Thanks to the Economic Development Board (EDB), Singapore attracted S$9.01 billion in investment commitments for the manufacturing sector in 2002, just shy of the S$9.17 billion in 2001 and S$9.21 billion in the boom year of 2000. A total of 20,900 jobs are expected to be created from 2002's investments with 72 per cent for skilled labour or professional positions, down from the 24,400 jobs created in 2001.(Straits Times 17 Jan 2003)(1)

  Prime Minister GOH Chok Tong told the country yesterday that the economy grew by 2.2 per cent last year, with the prospect of it hitting 5 per cent by the end of this year. Mr GOH expects Singapore to be back on its feet in 2004. (Straits Times 1 Jan 2003) (1)

  Prime Minister GOH Chok Tong yesterday said that while the Government could not afford to defer the GST hike completely, it could "probably do with less revenue for half a year". The second option is to raise the GST to 5 per cent at one go but soften the impact with more relief measures for the poor. A decision will be made in two weeks, he said. "The third-quarter results are no good, so there's an air of uncertainty, but I myself think that a double-dip recession is not quite likely," PM GOH said. (Straits Times 25 Nov 2002) (1)

  The Manpower Ministry's wage report for 2001 revealed that profit-making companies were less generous with bonuses in 2001 than in 2000. About one in 10 did not pay a single cent in bonus though it was still making as much or even more money in 2001 compared to 2000. Among the profitable companies which saw their earnings dip, two in 10 failed to reward workers with a bonus. The companies which gave out bonuses mostly paid out less than a month's salary. The survey also found that the more profitable companies gave an average total wage increase of about 3.2 per cent. (Straits Times 21 Nov 2002) (H6)

  The Government has accepted the pay guidelines made by the National Wages Council (NWC), saying it "strongly agrees" that the lid on manpower costs needs to be kept for another six months to save jobs. (Straits Times 21 Nov 2002) (4)

  Singapore's economy will grow by a slower 2 to 2.5 per cent this year and may even face its second recession in two years. The Ministry of Trade and Industry yesterday cut the full-year growth forecast from its previous 3 to 4 per cent. (Straits Times 19 Nov 2002) (1)

  The Government will still go ahead with the new 5-per-cent GST rate from 1 Jan 2003 as scheduled, notwithstanding the weak economy, DPM LEE Hsien Loong said in Washington on Wednesday 13 Nov 2002 at a breakfast meeting with Singapore journalists. (Straits Times 15 Nov 2002) (1)

  Singapore continues to be the world's fourth-most- competitive economy despite last year's recession, the Geneva-based World Economic Forum (WEF) said yesterday. WEF said that "Singapore's strengths are found especially in the macroeconomic area". (Straits Times 13 Nov 2002) (4)

  A slowing economy in the United States - the biggest market for Singapore's export- extensive industries - may see Singapore sliding into another recession, just months after the country emerged from its worst recession in four decades last year. "So our strategy is, yes, there may be a double dip. If there's a double dip, then we've got to do some necessary things. If there's no double dip, that is very good," said Trade and Industry Minister George YEO yesterday. (Straits Times 12 Nov 2002) (4) 

  About 84,300 people could not find a job last month, bringing the unemployment rate to 4.8 per cent, up from 4.1 per cent in June 2002. This is even higher than the 4.3 per cent experienced in the last Asian crisis in 1997. Employment in the months from July to September 2002 contracted by 15,000, hitting first-time job seekers, including this year's crop of graduates. According to the Manpower Ministry, 4,100 people, mainly in manufacturing, were retrenched in the third quarter, about the same number as the second quarter. (Straits Times 1 Nov 2002) (1)

  Many private-sector economists have already cut their growth forecasts for Singapore and expect the Government to follow suit after Singapore's third-quarter gross domestic product (GDP) shrank an estimated 10.3 per cent, quarter on quarter. Deputy Prime Minister LEE Hsien Loong yesterday said, "I think if you look forward, it's a very uncertain outlook. I think it's very unlikely you'll have a strong recovery in America. There's no prospect of a strong pickup in Japan and the Europeans are also going down rather than going up in the business cycle...Our exports are not so strong, therefore our growth will be affected too" (Straits Times 28 Oct 2002) (1)

  The Straits Times Consumer Confidence Index, compiled every three months, has slipped by a further eight points - from 187 in June 2002 to 179 in September. It has been on a downward slide since March. The index touched a high of 362 in December 1999. Its worst showing was in September 2001 at 86 points. 412 Singaporeans were polled last month on the economy, spending habits and the job market. 35 per cent of those polled feel that the economic situation in Singapore will worsen in the next three months, up from 28 per cent in June 2002. 56 per cent of those polled feel the job market will improve or remain the same in the next three months, up from 51 per cent in June. And 87 per cent are confident about keeping their jobs in the next three months, up from 81 per cent in June. (Straits Times 9 Oct 2002) (H3)

  A total of 18,000 workers have found work in the last eight months. With more job vacancies in sectors such as transport, community services, retail and manufacturing, the ratio of job openings to job-seekers has improved to four jobs to every 10 job-seekers from three to every 10 in December 2001. (Straits Times 20 Sep 2002) (4)

  The new intellectual- property (IP) management sector serving the Asia-Pacific region will be a key component in Singapore's push to become an innovation-based economy, according to the Economic Development Board (EDB). This industry would create about 5,000 jobs in the next five years. (Straits Times 13 Sep 2002) (3)

  Singapore's economy is still on track to grow as much as 4 per cent this year despite the latest United States share gyrations, as long as no more accounting shocks from corporate America rock the boat, according to the Monetary Authority of Singapore (MAS). MAS managing director KOH Yong Guan yesterday also revealed that because of lower interest income and weak financial markets, MAS's profits after provisions fell by S$1.4 billion to S$641 million for the year ended March 31, 2002. (Straits Times 3 Aug 2002) (1)

  Singaporean workers may get an average bonus of 1.4 months in 2002, according to a quarterly survey of 333 companies conducted over May and June 2002 by human resource and financial-consulting firm Watson Wyatt Singapore. They can also expect an average pay rise of 3.3 per cent, provided their employers are not freezing or cutting wages. The survey also revealed that 34 per cent of companies implemented a wage freeze in the second quarter of this year, compared to 22 per cent of firms six months ago. (Straits Times 24 Jul 2002) (H6)

  The Government has revised its forecast for trade growth this year to 2 - 4 per cent from between 0 and 5 per cent six months ago. This means it is expecting a strong pick-up in the second half year of between 9 and 13 per cent. (Straits Times 17 Jul 2002) (1) 

  The Ministry of Trade and Industry (MTI) yesterday said it expects full-year growth to be at the upper end of its 2 per cent to 4 per cent forecast. Singapore's economy showed a 3.2 per cent growth for the April-June quarter after 12 months of shrinkage. Calculating on a quarter-on-quarter basis, the economy grew by a sparkling 10.3 per cent in the second quarter, exceeding the 8.4 per cent growth in the first quarter of this year. (Straits Times 11 Jul 2002) (1)

  Transport Minister YEO Cheow Tong yesterday said that more than 121,000 jobs will be created over the next five years as new investment projects come on stream. That is higher than the number of jobs lost in the last five years - more than 90,000. (Straits Times 6 Jul 2002) (1) 

  In a March poll of 156 companies by Mercer Human Resource Consultancy, six in 10 employers said they planned to start hiring again. Those most likely to be hiring are in the  telecommunications, chemical and pharmaceutical & healthcare industries. One in 10 companies was retrenching staff this year. This is an improvement over 2001, when three in 10 companies surveyed was reducing headcount. (Straits Times 3 Jul 2002) (H5)

  Deputy Prime Minister Tony TAN yesterday warned that while Singapore was on course to achieving a 2 per cent to 4 per cent growth rate this year, the weakening US dollar and the depressed US stock market might reel in the pace of recovery. (Straits Times 1 Jul 2002 (1)

  In the first three months of this year, 4,857 workers were axed compared to 8,591 and 8,368 respectively in the previous two quarters. Only half of the Singaporeans and permanent residents laid off in the fourth quarter of 2001 were back working by March 2002, according to the Manpower Ministry's latest quarterly labour Market report. (Straits Times 15 Jun 2002) (H8)

  Top private-sector economists polled by the central bank, Monetary Authority of Singapore (MAS), are projecting a 4-per-cent growth this year and an even stronger 6.1-per-cent expansion next year. Economists now expect a lower 4.5-per-cent jobless rate by the end of the year, against the 4.9 per cent rate expected previously. Private consumption is expected to increase by 2.5 per cent this year, MAS said. (Straits Times 5 Jun 2002) (3) 

  The economy is likely to grow in the "upper half of our revised 2 to 4 per cent projection", said Trade and Industry Minister George in Parliament yesterday. Singapore is also on track to garnering S$9.2 billion in foreign investments this year. (Straits Times 17 May 2002) (1)

  In its latest job-index survey of 700 companies here for the period of April to June, TMP Worldwide, a human-resource consultancy, found that 32.8 per cent of companies surveyed expect to increase headcount, while only 4.8 per cent plan to cut manpower. (Straits Times 13 May 2002) (H8)

  Singapore is headed for a better-than-expected expansion of between 2 and 4 per cent this year, buoyed by a robust United States economy and a recovery in the global electronics industry. The latest projections by Deputy Prime Minister LEE Hsien Loong in Parliament yesterday better the Ministry of Trade and Industry's February forecast of 1 and 3 per cent. (Straits Times 4 May 2002) (1)

  The picture of the choosy Singapore worker was painted by Prime Minister GOH Chok Tong yesterday when he warned that the job market will continue to worsen because it tends to lag behind the economy. Currently, more than 100,000 workers are unemployed. The fussy Singapore worker is alive and kicking. He prefers being jobless to getting work in a ship repair yard. He is also a creature of habit, preferring to look for a 9-to-5 job instead of going into the service industry where working odd hours is the norm. (Straits Times 30 Apr 2002) (1)

  Official data yesterday showed the economy shrank 2 per cent last year. Unemployment hit a 15-year high of 4.7 per cent. But, in the Sep - Dec 2001 quarter, the economy grew by a healthy 5.6 per cent. Overseas demand dived by 7.3 per cent last year amid a global downturn and a "persistent electronics slump". All key sectors of the economy suffered last year, with the crucial manufacturing sector the hardest hit, shrinking 12 per cent to nearly cancel out the strong 15 per cent growth in 2000. Electronics, which makes up 40 per cent of manufacturing, plunged by 21 per cent last year. There was a near-doubling in retrenchments to 25,600 from approximately 11,600 in 2000. (Straits Times 1 Mar 2002)(1)

  The crucial manufacturing sector grew 4.7 per cent last month, its first expansion since April 2001, according to the latest figures from the Economic Development Board (EDB). The sector accounts for a quarter of Singapore's economy. Some experts say the latest upbeat numbers prove that the Republic has already pulled out of the recession. (Straits Times 27 Feb 2002)(1)

  Economists were pleased with the latest Trade Development Board figures showing a 4.1 per cent dip in last month's non-oil domestic exports to S$8 billion, as it was significantly less than average forecasts of a drop of around 9 per cent and December's 16.7 per cent slump. (Straits Times 19 Feb 2002)(3)

  The Singapore economy will "only recover more strongly towards the end of the year, said Deputy Prime Minister LEE Hsien Loong yesterday, a week after the Ministry of Trade and Industry released its revised growth estimates for this year. In the meantime, unemployment would probably rise further over the next few months, he said. (Straits Times 17 Feb 2002)(1)

  The Ministry of Trade and Industry has revised upwards its projection for the Singapore economy, which it sees growing by 1 to 3 per cent this year. It is a change from its previous forecast of -2 to 2 per cent growth and suggests that the economy is bottoming out. (Straits Times 11 Feb 2002)(1)

  Singapore's economy may grow at the higher end of the minus 2 to 2 per cent official forecast for this year and possibly even breach the upper band, Deputy Prime Minister Tony TAN said yesterday. He added that growth rates of 8 to 10 per cent were unlikely to ever return as the economy was now at a maturing stage, compared with its earlier phase as an emerging economy. "But we can grow in a good year, maybe 6 to 7 per cent, and, in a difficult year, maybe 4 - 5 per cent. (Straits Times 4 Feb 2002)(1)

  About 89,900 people were jobless as of December 2001, according to the Manpower Ministry's preliminary labour estimates for the fourth quarter of 2001. The total number of workers retrenched in 2001 was 25,600, more than double the 11,624 laid off in 2000. Six in 10 of the retrenched workers came from the goods-producing industries, while the rest were from the services-producing industries. Singapore's unemployment rate rose to 4.7 per cent last December, the highest in 15 years. The figure was 3.8 per cent in September and 2.6 per cent in June. But, it is still lower than the record 6 per cent in March 1986 during the mid-1980s recession. The Manpower Ministry (MOM) said that the overall unemployment rate exceeded the 4.4 per cent recorded in December 1998 during the Asian financial crisis. (Straits Times 1 Feb 2002) (1)

  Singapore aims to attract S$9.2 billion in new investments in its key manufacturing sector this year, said Economic Development Board (EDB) chairman TEO Ming Kian yesterday. (Straits Times 23 Jan 2002) (1)

  The Trade Development Board's (TDB) latest figures released yesterday showed that in December 2001, vital non-oil domestic exports shrank by 16.7 per cent compared to a year ago, the smallest drop in seven months. Economists see this as a further sign the local economy is bottoming out after the big trade slump last year. TDB said that the country's foreign trade plunged 9.4 per cent to S$425 billion last year, down from the record 22.9 per cent growth in 2000 which saw S$470 billion in imports and exports. (Straits Times 18 Jan 2002) (6)

  Singapore's electronics sector has started on the path of recovery but the indicators are that more time may be needed for the foundations of a broad-based pickup to be established, said the Monetary Authority of Singapore's economics department in its latest macro-economic review. (Straist Times 17 Jan 2002)(S10)

  Government measures to combat the recession should help the economy to improve by 1.3 percentage points, according to the latest twice-yearly review of the economy. Manufacturing will get the biggest boost, followed by the financial and business sector. (Straits Times 17 Jan 2002)(1)

  Singapore and Hongkong have the most hospitable policies for foreign investors in Asia, while China does not rate highly but gets the bulk of investments, according to Hongkong-based Political and Economic Risk Consultancy's (Perc) findings based on the opinions of 1,000 expatriate executives in 12 Asian economies surveyed in the September quarter. (Straits Times 24 Dec 2001) (S8)

  The Singapore economy is expected to prove its resilience with 1.5 per cent growth next year. This estimate is from a quarterly survey of economists by the Monetary Authority of Singapore (MAS) - the first since the Sept 11 terrorist attacks in the United States. A third of the 24 economists polled by MAS earlier this week said growth in the new year would surpass the other, upper, end of the Government's minus 2 to plus 2 per cent forecast. (Straits Times 7 Dec 2001)(1) 

  Next year's Budget will probably be unveiled in May, after the financial year because it will take into account the recommendations of an economic committee now being formed, said Deputy Prime Minister LEE Hsien Loong. The Budget is usually presented towards the end of February and debated during March, before the start of the new financial year in April. (Straits Times 24 Nov 2001)(1) 

  Economic output in the third quarter shrank a wrenching 5.6 per cent from the same period a year ago. The value of exports continued to dry out, but by a smaller-than-expected 21.6 per cent. The unemployment rate rose sharply to 3.8 per cent from 2.6 per cent in the second quarter. Retrenchments for the first nine months of the year totalled 17,100. The Government maintained its forecast made last month that the economy will experience a full contraction of 3 per cent. It also stuck to its projection that the 2002 gross domestic product would range from a 2 per cent shrikage to a 2 per cent growth.(Straits Times 17 Nov 2001) (3)

  The economic recession is a long and deep one that will last at least six to nine months, but may possibly stretch over 18 to 24 months, Prime Minister GOH Chok Tong warned last night at an election rally in Jurong. (Straits Times 28 Oct 2001)(1)

  A new S$50 million programme has been launched to create a pool of up to 500 young Singaporeans with deep knowledge of and links to key Asian markets, such as China and India. As part of the plan to gear up for the rise of the Chinese behemoth, Singapore will also step up its presence in China through two new trade offices in Chengdu and Qingdao. (Straits Times 25 Oct 2001)(1)

  Electronic exports, which account for two-thirds of all shipments of Singapore-made goods, plummeted 37.5 per cent last month from a year ago due to a collapse in overseas demand, the Trade Development Board (TDB) said yesterday. Looking ahead, economists said yesterday that the 30-per-cent declining trend in shipments was likely to continue for the rest of the year. (Straits Times 18 Sep 2001)(3)

  Private clinics are closing earlier, laying off staff, or downsizing during the current economic downturn. The Straits Times polled 40 GP clinics and found that of the 20 that operated round the clock, five now close at 11pm. Another eight that used to stay open till midnight now shut at 9pm. The rest said the number of walk-in patients had fallen by about 20 to 30 per cent over the last few months. Private clinics have been springing up like mushrooms over the past two years, with 1,158 of them in 1999. Last year, there were almost 1,900. But, while GP clinics provide about 85 per cent of primary health care, it is the 16 polyclinics that draw patients with their rates. (Straits Times 17 Sep 2001) (H1)

  As many as one in 10 workers could lose their jobs when factories relocate to countries with lower business costs. This sobering figure was cited by Senior Minister LEE Kuan Yew last night at a dinner to mark the 40th anniversary of the National Trades Union Congress (NTUC) when he urged union leaders to prepare workers for tougher economic competition. The way out for workers who could not retrain for new jobs coming on stream was to turn to jobs in hotels, hospitals, fast-food centres and personal services, he told the 1,000 labour and business leaders and Cabinet ministers. (Straits Times 7 Sep 2001)(1)

  Singapore's economy will shrink by 0.5 per cent this year over last year, a major survey of economists says, but there is a glimmer of hope of a rebound. The cross-section of 29 economists polled by the Monetary Authority of Singapore (MAS) who expect negative growth for 2001 also predict a smart rebound to healthy 4.7 per cent growth next year. (Straits Times 4 Sep 2001)(3)

  Singapore's new investments in China slipped 5.6 per cent to just under US$1 billion (S$1.8 billion) in the first half of the year - but Chinese officials are not concerned as the Republic remains its fifth-largest foreign investor. New figures released by China's Ministry of Foreign Trade and Economic Co-operation show that Singaporeans made fresh investments totalling US$978 million between January and June this year. (Straits Times 21 Aug 2001)(S14)

  A savage 24.2 per cent contraction in non-domestic exports for the month of July surpassed the previous "record" of 20.6 per cent plunge in December 1982, the Trade Development Board (TDB) said yesterday. Perhaps the most telling drop in the newly-released figures was a severe 35.3 per cent contraction - also the worst recorded - in exports to Singapore's top market, the United States. (Straits Times 18 Aug 2001)(S14)

  Senior Minister LEE Kuan Yew last night said that Singapore may lose many jobs in the next few years as multinational companies and their local suppliers moved to an emerging China. While the Economic Development Board would bring in new jobs, these will need different and higher skills and not all older workers will be able to retrain to do them. Those wo were unable to retrain would have to consider new jobs in the service sector. "They should not waste their time waiting for their old jobs to come back because these jobs have gone to take advantage of the lower wages. They have to accept a change to service jobs that cannot be relocated," he said. (Straits Times 18 Aug 2001) (1)

  Singaporeans are taking fewer train rides. In fact, they seem to be cutting back on trips for recreational and non-essential purposes, SMRT president KWEK Siew Jin said yesterday. He expects the annual growth in passenger trips this year to be lower than the usual 6 per cent when the economy was stronger. An average of 1.1 million passengers travel on MRT trains every day. (Straits Times 16 Aug 2001)(H3)

  More help for Singapore employers and workers may be coming in the form of a second off-Budget package later in the year, depending on how the economy performs. Minister without Portfolio LIM Boon Heng dropped this hint yesterday but did not disclose details. He said the Government will take into consideration how things go in the third quarter, and the picture will be clearer probably in October or November. (Straits Times 15 Aug 2001)(H3)

  Singapore's economy may see a recovery by the middle of next year, said Mr LIM Boon Heng, Minister without Portfolio and NTUC secretary-general. Mr LIM also said that he did not expect the situation to be worse than the projected figure of 20,000 retrenchments this year. (Straits Times 13 Aug 2001)(4)

  Economists from the National University of Singapore's (NUS) Econometric Studies Unit (ESU) yesterday forecast that Singapore will recover from recession to grow by at least a healthy 4 per cent next year. (Straits Times  8 Aug 2001)(S12)

    The current slowdown is biting into the food court business, often perceived as recession-proof. Some food court managers said large food courts located in areas with heavy human traffic, like MRT stations and malls, were still coping, but mid-sized outlets were finding it tough. Air-conditioned Baby Bistro food court at East Coast Road, which is less than a year old, has already had two of its eight stalls close. Another food court that fell to poor traffic was the one at Forum The Shopping Mall, which closed in June. The mall's management will lease the space to a non-food operator. (Straits Times 6 Aug 2001) (6)

  Last month, 1,951 new businesses and 736 new companies were registered. In the first half of this year, 4,450 companies and 12,030 businesses were registered. For the whole of last year, 11,032 companies and 25,425 businesses were set up. (Straits Times 29 Jul 2001) (26)

  A major review is being undertaken by the Trade and Industry Ministry (MTI) to find ways to boost Singapore's share in the growing China market. This will include a new initiative to have government scholars spend a year in China to help the Civil Service acquire "deep knowledge" about the rapidly-changing economic scene in the country. (Straits Times 26 Jul 2001) (3)

  A S$2.2-billion package of measures to help companies cut costs and boost the job prospects of retrenched and older workers was unveiled in Parliament yesterday. The package includes plans to inject about S$204 million into the economy this financial year, and a further S$512 million in the next, as development projects are speeded up. The last time the government resorted to such off-Budget measures was in November 1998 to tackle the effects of the Asian financial crisis. (Straits Times 26 Jul 2001)(1)

  According to the latest figures from the Inland Revenue Authority of Singapore (IRAS), tax collection for the first five months of the year rose 7 per cent to S$7.85 billion compared to a year ago. Compared to the previous year's increase of 35 per cent to S$7.3 billion over the same period, the latest jump in tax dollars represents a sharp slowdown. GST collections declined 14 per cent, while stamp duty collections plunged 42 per cent, reflecting the sluggish stock market and lifeless property sector. Tax income from betting rose 24 per cent to S$740 million. Income tax revenue rose a modest 9 per cent to nearly S$4.8 billion. Property tax collections surged 66 per cent to cross the S$1 billion mark for the first five months of the year.(Straits Times 25 Jul 2001) (S12)

  Latest figures from the Registry of Companies and Businesses (RCB) show that the number of new companies registered in the first half of this year has dived by nearly a quarter from the same period a year ago. In all 4,452 companies were registered in the first half of this year, compared to 5,823 during the same period last year. (Straits Times 24 Jul 2001)(S12)

  Despite the economic slowdown, the Manpower Ministry (MOM) told The Straits Times that it expects strong demand for clerical workers, service personnel and manual workers in transport and logistics, domestic services, hotels and restaurants, business services & real estate, health care and social services. Job vacancies fell from 26,182 in March last year to 19,755 this March. And close to 20,000 workers may lose their jobs this year; nearly double the number retrenched last year. (Straits Times 21 Jul 2001) (3)

  Retrenchments arising from mergers of Singapore banks may be coming at a bad time given that the economy is slowing, but Deputy Prime Minister LEE Hsien Loong says this is unavoidable and must be managed. He gave the example of retrenchments resulting from the 1998 merger between Keppel Bank and Tat Lee Bank. (Straits Times 19 Jul 2001) (1)

  Singapore's trade - hit by a worse-than-expected 16.9% drop in non-oil exports last month - will shrink even further in the current quarter. The bleak outlook was given yesterday by the Trade Development Board (TDB), which also revised its full-year forecast for total trade this year, from a 7 to 9 per cent expansion, to a 2 to 4 per cent contraction. The expected contraction in total exports this year was blamed on the double whammy of a slowing US economy and the downturn in the global electronics cycle. (Straits Times 18 Jul 2001)(1)

  Amid worries of  a worsening economic climate, Trade and Industry Minister George YEO told Parliament yesterday the Government will unveil some specific measures in the House at the end of this month. But he made it clear that the coming package of measures will differ both in scope and scale from the S$10 billion across-the-board package unveiled in 1998 to tackle the fallout from the Asian financial crisis. (Straits Times 12 Jul 2001) (1)

  About 20,000 workers may lose their jobs this year, nearly double the number retrenched last year. They will be hit by the economic downturn as well as the restructuring taking place in some sectors. Job vacancies fell from 26,182 in March last year to 19,755 this March. In March this year, there were 76 job openings for every 100 job seekers. (Straits Times 12 Jul 2001) (1)

  Singapore's economy fell into a technical recession in the second quarter. The economy contracted by a sharper-than-expected 10.1 per cent for the April-June quarter, from the previous quarter, flash estimates released by the Ministry of Trade and Industry (MTI) showed yesterday. The ministry cut its full-year forecast to a marginal 0.5 - 1.5 per cent expansion this year, down from 3.5 - 5.5 per cent - its second revision downwards this year. (Straits Times 11 Jul 2001) (1)

  The 2001 Corruption Perceptions Index of the Berlin-based Transparency International (TI), released this week, ranks the Republic fourth on a list of 91 countries for its freedom from corruption - up a notch from last year and three places higher than in 1999. In the first three positions are Finland, Denmark and New Zealand. (Straits Times 29 Jun 2001)

  With the economic slowdown, several employers have already put the brakes on recruitment, and many more are expected to do the same, in anticipation of the uncertainties ahead. Employers and headhunters are also reporting that starting salaries have fallen by 10 to 15 per cent across almost all sectors in recent months. A recent survey by management consultancy Remuneration Data Specialists (RDS), of 237 companies across all sectors, found that 56 per cent had stopped recruiting altogether, as one of their measures aimed at coping with the economic downturn. Of those surveyed, 47 firms had decided to implement a wage freeze. About 50 of them had introduced multi-tasking or job sharing, while 45 had downsized their operations and 26 firms had retrenched staff. These trends will have harsh effects, particularly on the 6,000 or so National University of Singapore (NUS) students who will enter the job market this year. In addition, of course, there will be another 3,500 graduates from the Nanyang Technological University (NTU).  (Straits Times 16 Jun 2001)

  SM LEE Kuan Yew speaks on the outlook for US & global economies at the International Monetary Conference on 4 Jun 2001

  The National Wages Council said on 22 May 2001 that workers can expect wage increases smaller than last year's, in view of the slowing economy. It gave its latest annual guidelines to keep Singapore competitive and preserve jobs. Basic wages and bonuses rose by 6.6% last year when the economy grew by 9.9%. The NWC called for a cautious approach on wage costs this year when slower growth of 3.5 to 5.5% is expected. (Straits Times 23 May 2001)

  Singapore has stayed as the world's second-most competitive country after the United States, thanks to its 9.9 per cent economic growth last year and top-notch government efficiency, according to a global ranking. But, the Republic slipped in two key areas - business efficiency and infrastructure - said the Swiss-based International Institute for Management (IMD) on 24 Apr 2001, in its 2001 World Competitiveness Yearbook. The US, the world's largest economy, is still No. 1 after 10 years of growth, despite its current slowdown. Singapore retains No. 2 slot for the fifth consecutive year. (Straits Times 25 Apr 2001)

Advance GDP Estimates for Fourth Quarter 2000

  Advance estimates show that gross domestic product (GDP) in Fourth Quarter 2000 grew by 10.5 per cent, in real terms, over the same period last year. Goods-producing industries is estimated to have grown by 12.4 per cent. Growth was driven by the manufacturing sector, as electronics output continued to be
strong.  However, the construction sector remained sluggish.
Services-producing industries is estimated to have grown by 8.6 per cent. Led by the wholesale & retail trade sector, all services sectors registered healthy growth.
For the whole of 2000, the economy is estimated to have grown by 10.1 per cent in real terms. The good producing industries expanded by 10.3 per cent, and the services producing industries by 9.0 per cent.
The preliminary GDP estimates for the quarter and for whole year 2000, including sectoral performances, sources of growth, inflation, employment and productivity, will be released in mid-February 2000 in the Economic Survey of Singapore.

MINISTRY OF TRADE AND INDUSTRY
2 January 2001

  In his New Year message on 31 Dec 2000, Prime Minister GOH Chok Tong said the Ministry of Trade and Industry has forecast growth this year at 5 to 7 per cent. The economy grew at 10.1% in 2000. This exceeded the growth forecast of between 4.5 and 6.5%. He wishes Singaporeans a Happy New Year. (Straits Times 1 Jan 2001)