Note: The reported values are annual figures. 2021 data refers to as of 2021Q2.

Summary:

As an international tourist destination and connection hub, millions of tourists visit Singapore annually. However, the recent border closure in response to the COVID-19 pandemic has affected the tourism sector’s revenue and employment, with spillover effects on other industries. Using simulations that model a pandemic scenario and a counterfactual non-pandemic scenario, a recent study by Asia Competitivess Institute analyzed Singapore’s aggregate employment changes from Covid-19 pandemic via the tourism sector. The study estimates Singapore’s aggregate job loss at 198,000 in 2020 and 236,000 in 2021, stemming from the pandemic’s impact on the tourism sector. The study’s aggregate employment estimate in 2020 was larger than the actual counterpart due to the tourism sector alone being subject to the pandemic shock. However, the predicted and actual employment values in 2021 (as at Q2) are interestingly close. This suggests the possibility that recovery in other sectors boosted Singapore’s aggregate employment in 2021.

Article By CHUA Jun Jie, Sky

Graphic By Yixuan GE