Economic Affairs

Tackling the looming crisis in jobs

This extraordinary recession calls for unorthodox remedies

New: Gift this subscriber-only story to your friends and family

With the hustings over, it's time to get down to the business of fixing the economy. As we have heard throughout the election campaign, the biggest issue that needs to be addressed is jobs.

It may get even bigger, because the "insolvency phase" of the Covid-19 economic crisis has yet to play out. The worse-than-expected flash estimates of a 12.6 per cent year-on-year decline in the second quarter's gross domestic product (GDP) and the dramatic 41.2 per cent quarter-on-quarter decline - which confirms that we are in a recession - are a sobering indication of the economic damage already done.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on July 15, 2020, with the headline Tackling the looming crisis in jobs. Subscribe