SINGAPORE (Bloomberg): Wages in Singapore will take a bigger hit than jobs as businesses try to cut costs in an economy bracing for a sharp contraction, the central bank said.
As revenues shrink, businesses are likely to curb costs by reducing headcount and wages, the Monetary Authority of Singapore said in its biannual Macroeconomic Review, released Tuesday . Surveys cited by the MAS and its own forecasting models show likely declines in salaries.
Growth prospects remain dim as global demand slumps and local officials struggle to contain a resurgence in virus cases that led the government to extend a month-long"circuit breaker” of restrictions on consumers and businesses by several more weeks, until June 1. "The materialisation of downside risks, that largely depend on the course taken by the pandemic and efficacy of policy responses around the world, could tip the growth outcome in Singapore below the forecast range, ” according to the report.
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