MP Teo says systems are in place to cope with economic downturn
By Ryan Huang, Channel NewsAsia | Posted: 06 October 2008 2129 hrs

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SINGAPORE: Singapore shares hit a three-year low on Monday, closing 5.6 per cent lower. This reflected the negative sentiments in other Asian markets.

The weakness also comes amid warnings of an economic slowdown for the republic, with unemployment expected to rise.

Singaporeans have been warned to brace themselves as the global economic crisis unfolds. Some have already felt the impact and are coming to terms with it.

However, amid the negative news, officials said systems are in place to deal with the situation.

"Day by day, expenses are going up, it's not cheap. More foreigners are getting job opportunities in Singapore. Locals are afraid what the future will be and what the government will do for us," said one woman.

A middle-aged man said: "It is a tough time for us, but we have strong leaders, so we can tide over this period."

Government measures include a slew of programmes, fine-tuned over the years through the experience of past downturns. Many Community Development Councils (CDCs) said they already have schemes to help and are ready to respond.

Mayor, Northwest District, Dr Teo Ho Pin, said: "Since Chinese New Year, we've experienced an increase in the number of job seekers looking for job assistance. We don't know what will be the scale downstream, but we are prepared with our staff and resources."

Northwest CDC said it has seen a 10 per cent increase in the number of people seeking job assistance, and a 30 to 40 per cent increase in those seeking financial help.

The hardest hit are expected to be workers in the manufacturing and electronics sectors.

However, the Workforce Development Agency said a pipeline of investments will continue to create jobs for Singaporeans. These include Seagate ramping up its hard disk media plant, major investments by big oil companies, and promising prospects for the Seletar Aerospace Park.

The tourism sector is also expected to get a boost with the two integrated resorts requiring 20,000 workers and generating other spin-offs.

Another 1,000 healthcare jobs will be created when the new Khoo Teck Puat Hospital is partially ready by early 2010. - CNA/vm