MAS expects firms in these sectors to have recalled their employees back to work to meet the rise in demand. Many of these workers were placed on shortened work weeks or temporary layoffs during the height of the"circuit-breaker" measures instead of being retrenched.
The downturn in these sectors will have spillover effects to the rest of the economy and weigh on segments directly dependent on them. For example, taxis and private-hire car services will see"sizeable" income shortfalls from the dearth of international travellers. Consumers could switch to goods like laptops and computers that allow them to engage in home entertainment as well as order groceries and merchandise online. But this is unlikely to generate enough labour demand to compensate for the falloff in labour-intensive sectors.
The labour market could also be affected by the impact as well as the tapering of government interventions. Even in better-performing industries, job growth could ease, as government incentives in 2020 could have swayed firms to bring forward their hiring plans.
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