Economic Affairs

Tackling the looming crisis in jobs

This extraordinary recession calls for unorthodox remedies

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.

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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'. Print Edition | Subscribe