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Singapore May See 200,000 Foreigners Leave, Credit Suisse Says

Report by Shamim Adam from Bloomberg:

Singapore’s population may shrink in the next two years as “sizeable” job losses amid the city- state’s deepest recession force 200,000 foreigners to leave, Credit Suisse Group said.

About 300,000 jobs may be lost by 2010, two-thirds of which are held by foreigners and permanent residents, economistsCem Karacadag and Kun Lung Wu wrote in a report received today. The number of people on the island nation may fall by about 3.3 percent to 4.68 million by 2010, Credit Suisse said.

Companies in export-dependent Singapore are firing workers as demand for goods and services ebb. More than 10,000 people were retrenched last year and a worsening economy may result in job losses tripling in 2009, reaching numbers not seen since the Asian financial crisis a decade ago, the government said.

Read the full report: Singapore May See 200,000 Foreigners Leave, Credit Suisse Says.