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On the brink of recession, the small, trade-dependent country of is on track to log its slowest growth rate since 2009. Government analysts expect this year’s growth rate to be between 1 and 2 percent. This grinding halt in economic growth caused the shutdown of an estimated .
The contributing factors to this economic disaster have been intensely studied. An extreme drop in oil prices since 2014 has resulted in thousands of layoffs in the oil and gas industry. The labor market is seeing the worst of it and has been greatly impacted. In this year’s third quarter, total employment has fallen for the second time
Although many view Singapore’s slow economic growth negatively, Prime Minister Lee Hsien Loong stated at a conference in September:
While speaking of the country’s future, Prime Minister Lee related Singapore’s economic regression to the downturn of global trade and the oil market regression. He believes that local economy will fully recover once global demand recovers.
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