Singapore Expats

Any one else see this?

There have been job losses in tech last 2 years due to over hiring in the pandemic. This was during a booming economy.

I can't imagine what will happen during a recession. It has been a long time since we had a recession, I think 2008 and the 2012 Euro crisis which impacted the banking sector were the last recessions I saw.

I know OP is offshore oil dude and his industry has been in recession since 2014. But other industries I am not sure.

I am oddly enough not jobless but I do see more and more SC being squeezed. Apparently the gahmen policies which are pushing manufacturers and service companies out are too blame.

I think tech side, beside over hiring, is the increasing rates environment, which also result in VCs and PE funds not raising money, or taking profit on their positions to reinvest into companies. And thus without the investors new money into the sector, the growth without profit mindset is taking a beating and thus now have to start taking profitability of the business more seriously than to grow at all expense. And this resulted in rationalizing of labour and cost, thus more people are being let go.

PNGMK wrote: ↑

Sat, 07 Sep 2024 4:11 pm

Any one else see this?

In Singapore?

My friend is saying there's a recession end of this year...not sure how true..

There's no way gov here will let recession hit them. 2008? This particular year was bad for some countries but ovsr here, still business as usual, albeit slower growth. They had and will pump the economy with lots of construction project to ensure money flows to businesses, we saw the same right now with housing and mrt construction projects everywhere. They also monetized everything that attract tourists, be it concert, world leaders' visit (wink wink) and more concerts XD

abbby wrote: ↑

Sun, 08 Sep 2024 11:49 am

PNGMK wrote: ↑

Sat, 07 Sep 2024 4:11 pm

Any one else see this?

In Singapore?

My friend is saying there's a recession end of this year...not sure how true..

Depends on when the election is..

Banks, e com , etc. For what I see have to see which type of jobs scope which technology the likes of AI and robots which can replace it. There are some works obviously so far AI , robots can't replace in depth. Even come cleaner. Some of their works can be done by machine which business owners can managed as we all know come cleaner, this job obviously no much people will want to do it as a job. This is why in SG you see most cleaners are foreigners but they are mostly not say high educated ones and not from the cities back in their motherland.