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Why do you have TWO padlet walls?

Anyways, my feedback is posted on the other wall.

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Singapore core inflation falls into negative territory for the first time in a decade

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(Updated: )

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SINGAPORE: Singapore's main price gauge slipped into deflation for the first time in more than a decade in February, data showed on Monday (Mar 23).

Prices fell 0.1 per cent from a year earlier, according to a joint release by the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI).

Economists polled by Reuters had been expecting a 0.1 per cent rise in core inflation but instead declines in airfares and holiday expenses due to the coronavirus pandemic led to deflation for the first time since January 2010.

Core inflation - a key policy consideration for the Monetary Authority of Singapore (MAS) - excludes the price of private transport and accommodation.

"In the quarters ahead, external sources of inflation are likely to remain benign, amid weak demand conditions and generally well‐supplied food and oil commodity markets," MTI and MAS said.

They added that oil prices declined sharply in March and could stay depressed for an extended period amid the global economic slowdown and an anticipated rise in oil supply.

But international measures to contain the COVID‐19 outbreak have led to supply chain disruptions, which could put some upward pressure on imported food prices, the joint statement added.

Singapore's headline consumer price index rose 0.3 per cent from a year earlier, slightly below poll expectations of 0.35 per cent.

Private transport inflation was lower in February at 2.4 per cent year-on-year from 4.6 per cent in the previous month. This was due to a smaller increase in car and petrol prices.

Food inflation edged down by 0.1 per cent from 1.7 per cent in January as the prices of prepared meals recorded smaller increased while non‐cooked food inflation was broadly unchanged.

The cost of electricity and gas fell at a slower pace to -7.4 per cent year-on-year in February as the Open Electricity Market (OEM) had a smaller dampening effect on electricity prices, following a slowdown in new take‐up rates.

Accommodation costs registered a larger increase at 0.4 per cent year-on-year in February - up from 0.3 per cent in January - in line with a stronger pickup in housing rentals.

SUBDUED INFLATIONARY PRESSURES EXPECTED IN NEAR TERM
The cost of retail and other goods fell at a more gradual pace to -1.0 per cent in February from the -1.4 per cent in January, as clothing and footwear items and medicines and health products recorded smaller price declines.

"The COVID‐19 outbreak has weighed heavily on the aviation and tourism industries, which could in turn lower the prices of travel‐related items in the CPI basket. In addition, the implementation of safe distancing measures and fall in tourist arrivals have dampened consumer demand, and will cap any price increases for discretionary goods and services," the authorities said.

Labour market conditions are expected to continue to soften and dampen wage growth in 2020.

With the economic uncertainty is also likely to discourage firms from passing any cost increases to consumers, they added.

"Inflationary pressures are thus expected to remain subdued in the near term," the joint statement said.

The authorities added that they will closely monitor price trends and assess the impact of the COVID‐19 outbreak on inflation.

The MAS Core Inflation and CPI‐All Items inflation forecast ranges will be released in MAS' upcoming Monetary Policy Statement.

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Singapore core inflation falls into negative territory for the first time in a decade

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(Updated: ) Share this content SINGAPORE: Singapore's main price gauge slipped into deflation for the first time in more than a decade in February, data showed on Monday (Mar 23). Prices fell 0.1 per cent from a year earlier, according to a joint release by the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI).

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Disposable Face Mask Market Size, Share & Trends Analysis Report By Product

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The global disposable face mask market size exceeded a value of USD 74.90 billion in Q1 of 2020 and is expected to grow at a compound annual growth rate (CAGR) of 53.0% from 2020 to 2027. The unprecedented spread of coronavirus worldwide, most notably in Europe and North America, is driving the demand for disposable face masks. Disposable face covers are extensively used in the healthcare sector. The proliferating OPD sessions and surgeries on a daily basis across the globe are anticipated to drive product demand within the healthcare sector. The function of disposable face masks is to reduce or eliminate the chances of being affected by potential environmental contaminants. Disposable face covers are typically made from non-woven fabric and are usually available in a multi-layer (two- or three-layer) form.

Disposable face masks are popular among health care professionals who constantly attend patients or perform surgeries. These masks protect health care professionals from harmful bacteria that may ooze out either in the form of aerosols and liquid droplets from patient's mouth. The virus or harmful bacteria can also get spread in the form of body fluids or infectious blood. Thus, these masks act as a protective barrier and help eliminate or reduce the chances of cross-contamination among surgeons and patients.

The demand for disposable face masks is likely to be driven by the rising popularity of online shopping platforms. In this regard, Amazon.com, Inc. and eBay Inc. are among the biggest online players contributing significantly to the distribution of the product. Furthermore, the popularity of online sales has been creating a healthy demand for disposable designer face masks, most notably among affluent consumers worldwide. Such trends are expected to sustain throughout the forecast timeframe.

A key factor challenging the growth of the industry is the rising prevalence of counterfeit products both in physical stores and on online platforms. The counterfeit masks are usually made in unsterile sweatshops that were previously used to manufacture designer jeans or fake handbags. In this regard, there have been instances of numerous producers labelling their products with fake brand names of reputed medical supply manufacturers, such as 3M. Such factors are expected to restrain market growth throughout the forecast period.

Rising consumer awareness regarding airborne infections has been creating a healthy demand for the product, most notably for personal use. In this respect, a rise in outbreaks as regards airborne diseases in the recent past has been contributing significantly to the demand for disposable face masks among the general public. A trend that has been gripping the market is the increasing consumption of surgical masks for personal use.

Product Insights

Among products, protective face masks segment dominated the overall industry, accounting for a share of 35.8% in 2019. This type of disposable face cover also includes air-purifying respirators. The other two segments that make up the overall disposable face masks market are dust masks and non-woven masks.

Protective face covers have certain advantages for users with respiratory issues such as asthma or lung disease. Users with cardiovascular diseases also prefer them. Protective masks such as N95 are known to offer more protection to health care workers performing medical procedures that expose them to patients' respiratory secretion.

Non-woven masks are manufactured using variants such as polypropylene to provide protection against various types of infections at workplaces. These masks do not contain latex, , and DEPH material. Non-woven face covers are principally used in the hospital industry and are manufactured using two to three layers of protection. Users prefer these masks for the superior protection they offer against allergic reactions to consumers with sensitive skin.

Distribution Channel Insights

The offline segment emerged as the largest in 2019, with a market share of 80.7%. This segment is likely to retain its pole position throughout the forecast period. Numerous brands prefer to sell their products through drug stores and pharmacies as these stores showcase a wide variety of disposable face masks. From a consumption standpoint, visiting these stores helps consumers compare different products in terms of material used and quality.

E-commerce has significantly changed the shopping habits of people as it offers benefits such as door-step delivery, substantial discounts, and availability of a wide range of products through one platform. Key players in the market are increasingly launching e-commerce websites, most notably in emerging markets owing to the rising popularity of online shopping among millennials and young population.

Application Insights

By application, the industry is segmented into two categories, namely industrial and personal, wherein the industrial segment dominated the overall industry revenues in 2019, with a share of over 80.0%. This segment is also anticipated to retain its prominent position throughout the forecast timeframe. Disposable face covers intended for industrial applications are principally used by healthcare professionals and workers at agricultural and construction sites. The growth of this segment is driven by mushrooming of hospitals across the globe.

The global rise in the frequency of air-borne diseases and pollution level has been encouraging a sizable number of consumers to opt for personal disposable face masks. With consumers looking out for options to keep themselves safe from virus-related pandemics, prominent manufacturers are focusing on increasing their scale of operation in regards to manufacturing of disposable face masks for personal use.

Regional Insights

Asia Pacific emerged as the largest market for disposable face masks in 2019, having accounted for a market share of 33.7% in 2019. Manufacturers operating in this region are benefiting from the presence of a large customer base, most notably in countries such as China and India. China and India are also among the most substantial disposable face masks' manufacturing countries in the world.

North America is forecast to progress at the highest CAGR over the projected timeframe. Led by countries such as U.S. and China, the demand for disposable face masks in North America is driven by an expanding consumer base, backed by rising awareness regarding health and personal hygiene. The coronavirus outbreak is likely to contribute massively to the growth of the market in North America with various governments, encouraging the habit of personal hygiene among consumers.

Key Companies & Market Share Insights

The disposable face masks industry houses both international and domestic market players. Prominent market participants compete on the basis of price and product quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for global expansion, in a bid to gain a more considerable brand reputation. Capacity expansion is expected to remain as the preferred competitive strategy for prominent market participants to stay competitive. For instance, In March 2020, Honeywell expanded its production capabilities in Phoenix to produce N95 face mask in support of the U.S. government's response to the novel coronavirus pandemic. Some of the prominent players in the disposable face mask market include:

Disposable Face Mask Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global disposable face masks market report on the basis of product, application, distribution channel, and region:

Application Outlook (Revenue, USD Million, 2016 - 2027)

Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

Regional Outlook (Revenue, USD Million, 2016 - 2027)

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disposable face mask market - global disposable face mask industry size

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Disposable Face Mask Market Size | Industry Report, 2020-2027

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The global disposable face mask market size exceeded a value of USD 74.90 billion in Q1 of 2020 and is expected to grow at a compound annual growth rate (CAGR) of 53.0% from 2020 to 2027.

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Macroeconomics Prelim Analysis [Based of 5 Key Sources of Information]

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Macroeconomics Prelim Analysis [Based of 5 Key Sources of Information]

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1.  Slight increase in overall GDP after the circuit breaker
Support from key sources:
- On a year-on-year basis, Singapore’s GDP contracted by 7% in the 3rd quarter
- On a year-on-year basis, Singapore's GDP contracted by 13.3% in the 2nd quarter
- There was an improvement in the 3rd quarter which is due to the end of the circuit breaker
- More people could go out and spend money while shops could reopen their business which helped boost the economy.
- Manufacturing sector grew by 2% in the 3rd quarter, increasing by 2.8% from the previous quarter

2. Overview of Inflation in Singapore: High economic growth and low inflation
Support from key sources:
-   CPI-All Items Inflation of 2.7% per annum between 1965-2016
-  MAS Core Inflation averaged 1.4% between 1984 and 2016.
-  While inflation  in emerging and developing countries is 22.6% per annum and 4.5% per annum in advanced economies since 1969
STAGFLATION- 1973-1974
- first oil crisis hit in late 1973 with a quadrupling of oil prices
- Singapore’s imported inflation surged and CPI-All Items Inflation rose to nearly 30% in the first half of 1974
- global economy was headed for a slowdown
-SG faced stagflation: high inflation but low growth
Recession and Recovery: 1985–87
-1985: SG faced first post-independence economic recession
-Govt implemented  a package of cost and tax-cutting measures to help restore Singapore’s international competitiveness and boost exports.

Asian Financial Crisis: 1997–98
- precipitated by the sharp devaluation of the Thai baht in July 1997
- Singapore’s real GDP fell by 2.2% in 1998, from an average growth rate of 9.1% in the previous five years, the CPI contracted by 0.3%
Global Electronics Downturn and SARS: 2001–03
- A sharp downturn in the global electronics cycle caused domestic real GDP to contract by 1.0% in 2001 and CPI-All Items Inflation to fall to −0.4% in 2002.
- Singapore economy was subsequently hit by the outbreak of SARS in Q2 2003,  CPI All Items Inflation falling to 0.1%
Demand-led Price Pressures and the Global Financial Crisis: 2007–09
- Singapore economy entered a phase of robust GDP growth of close to 9% per annum in 2006–2008, alongside a prospering global economy.
- , CPI-All Items inflation accelerated in the second half of 2007 to 6.6% in 2008, the highest since the oil price shock in the early 1980s.
-Collapse of Lehman Brothers in 2008 triggered global financial crisis, but inflation was eased in 2009.
Global Disinflation: 2015–16
-due to hesitant and uneven recovery in the global economy following the financial crisis
- significantly exacerbated by the sharp declines in global oil prices that took place in late 2014 and 2015
- Singapore’s CPI All Items Inflation was negative for a total of seven consecutive quarters from Q1 2015 to Q3 2016,
- MAS Core Inflation remained subdued at an average of 0.7% in 2015–2016.

3. Increasing Unemployment Rates in 2020
Support from key sources:
- As of October, the overall and citizen unemployment rates were 3.6% and 4.9% for respectively

- Resident unemployment has also increased from 4.7% to 4.8%.
Cyclical Unemployment
- Construction and manufacturing sectors saw the largest contraction in employment in Q3 2020 at 16,700 and 15,000 respectively, caused by a decline in foreign employment
- Retrenchments have increased by 9,120 in Q3 2020, as compared to 8,130 in the Q2 2020, exceeding all past recessionary peaks other than that for the 2009 Global Financial Crisis
Increasing Labour Force

- Resident unemployment rate grew as the resident employment increased
- This reflects retrenched workers actively looking for work
- As the economy is improving, the labour market is also improving, and more people would want to come back to the labour force to look for work
Government Measures to Reduce Unemployment
- The Government has put in place measures over four Budgets to support workers and help businesses to retain their employees during the Covid-19 pandemic.
-  Under the SGUnited Jobs & Skills Package, the Government aims to create about 100,000 jobs, traineeships and skills training opportunities to help Singaporeans to gain access to more employment opportunities and also acquire job-related skills and capabilities.
(Other measures will be included in the report writing)

4. Economic growth

Support from key sources:
-GDP growth rate = -3.47% (Negative growth rates)

-Recession due to COVID-19

-V shape recovery

5. Singapore Core Inflation fall into Negative Territory in 2020

Support from key sources:
-Singapore's main price gauge slipped into deflation for the first time in more than a decade in February 2020
-Prices fell 0.1 per cent from a year earlier, according to a joint release by the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI)
-Singapore's headline consumer price index rose 0.3 per cent from a year earlier, slightly below poll expectations of 0.35 per cent.
-Private transport inflation was lower in February at 2.4 per cent year-on-year from 4.6 per cent in the previous month. This was due to a smaller increase in car and petrol prices.
-Food inflation edged down by 0.1 per cent from 1.7 per cent in January as the prices of prepared meals recorded smaller increased while non‐cooked food inflation was broadly unchanged.
-The cost of electricity and gas fell at a slower pace to -7.4 per cent year-on-year in February
-The cost of retail and other goods fell at a more gradual pace to -1.0 per cent in February from the -1.4 per cent in January

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Singapore's Q3 resident employment surges by 43,200; MOM now 'cautiously optimistic'

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SINGAPORE'S resident employment staged a strong rebound in the third quarter of 2020, lifting resident employment levels to near pre-pandemic levels, Ministry of Manpower (MOM) officials said on Thursday as they expressed "cautious optimism" about the labour market.

Resident employment jumped 43,200 to 2.34 million in September, which is just a notch below September 2019 figure of 2.35 million, according to the Labour Market Report Q3 2020.

Non-resident employment, excluding foreign domestic workers, however, contracted by 72,300 in Q3, even more sharply than the first half of the year. This led to a contraction of 29,100 in total employment for Q3, easing from the contraction of 103,800 in Q2, when Singapore was on a partial economic shutdown.

As a result, nearly nine in 10 of the total employment decline of 158,700 in the first three quarters of the year is now due to non-residents. Resident employment fell by 19,600 during this period.

The construction and manufacturing sectors saw the largest contraction in employment in Q3 at 16,700 and 15,000 respectively, due to a decline in foreign employment, even though manufacturing has been widely seen as a bright spot in the Republic's economic recovery.

Retrenchments rose by 9,120 in Q3, compared with 8,130 in the previous quarter, surpassing all past recessionary peaks other than that for the 2009 Global Financial Crisis. This was attributed to higher retrenchments in the arts, entertainment and recreation as well as air transport-related industries, MOM said.

Overall and citizen unemployment rates were 3.6 per cent and 4.9 per cent respectively in October, unchanged from September. Resident unemployment inched up from 4.7 per cent to 4.8 per cent during this period.

Explaining why the resident unemployment rate grew even as resident employment increased, Ang Boon Heng, director of manpower research and statistics at MOM, said: "It reflects retrenched workers that are out there looking for work, and it also reflects that as the economy is improving, as the labour market is improving, more people would want to come back to the labour force to look for work."

On the whole, the ministry is "cautiously optimistic" about Singapore's labour market in the coming months, although the recovery may not be smooth-sailing, he said.

Aubeck Kam, permanent secretary at MOM, said there will still be "considerable uncertainty".

"The labour market tends to lag developments in GDP (gross domestic product) growth, so if the economy recovers, the labour market will likely recover but at a delayed pace because initially, employers will have a lot of excess capacity," said Mr Kam.

Meanwhile, from April to October, nearly 60,000 job seekers have been placed into jobs and skills opportunities under the SGUnited Jobs and Skills Package, according to the 16th edition of the Jobs Situation Report. Of these, 47,400 were placed into jobs, MOM said, exceeding its original target of 40,000.

"This is a positive sign because when we conceived of the SGUnited Jobs and Skills opportunities, we knew that job seekers would more naturally prefer to take on jobs, which offer more stability, as compared to traineeships or to take up training opportunities," said Mr Kam.

As at end-October, more than 123,000 opportunities in jobs and training are available for job seekers, with about three in four of these being in jobs. The information and communications sector has both the highest number of available job openings and company-hosted traineeships, attachments and trainings - at 21,000 in total.
READ MORE: Singaporean jobseekers filled 47,400 positions in April-October

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Singapore's Q3 resident employment surges by 43,200; MOM now 'cautiously optimistic'

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SINGAPORE'S resident employment staged a strong rebound in the third quarter of 2020, lifting resident employment levels to near pre-pandemic levels, Ministry of Manpower (MOM) officials said on Thursday as they expressed "cautious optimism" about the labour market. Read more at The Business Times.

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Singapore's inflation Experience (1965-2016)

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Singapore's GDP Contracted by 7.0 Per Cent in the Third Quarter of 2020

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Singapore's GDP Contracted by 7.0 Per Cent in the Third Quarter of 2020

14 October 2020. Based on advance estimates for the third quarter of 2020, the Singapore economy expanded by 7.9 per cent on a quarter-on-quarter seasonally-adjusted basis, rebounding from the 13.2 per cent contraction in the preceding quarter. On a year-on-year basis, the economy contracted by 7.0 per cent, an improvement from the 13.3 per cent contraction in the second quarter.The improved performance of the Singapore economy in the third quarter came on the back of the phased re-opening of the economy following the Circuit Breaker that was implemented between 7 April and 1 June 2020.

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Singapore's GDP Contracted by 7.0 Per Cent in the Third Quarter of 2020

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Singapore's GDP Contracted by 7.0 Per Cent in the Third Quarter of 2020 14 October 2020. Based on advance estimates for the third quarter of 2020, the Singapore economy expanded by 7.9 per cent on a quarter-on-quarter seasonally-adjusted basis, rebounding from the 13.2 per cent contraction in the preceding quarter.

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MACROECONOMIC ANALYSIS