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High wages forced 42,000 businesses to exit in 1H16
The exodus spurred recession fears among Singaporeans.
Singapore businesses are branching out in other economies as they struggle to keep up with high wages in the expensive city, prompting nearly 42,000 businesses to end operations in 1H16 against almost 49,000 in the whole of 2015. Analysts caution this may pull the Lion City to economic recession.
According to a report by Reuters, high wages in Singapore are raising business costs at a time when the export-oriented city has been hard hit by a cooling China, subdued domestic consumption, a downturn in commodities and global uncertainty due to Britain's vote to leave the European Union.
Read the full report here.
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