With the ongoing trade war between China and the United States, as well as US restrictions on Chinese telecommunications company Huawei and declining consumer demand, Singaporean chipmakers have begun to slow down production and cut hundreds of jobs, Reuters reported.
The slowdown in the sector, which last year accounted for nearly a third of Singapore's industrial output, raises concerns that its export-led economy could slide into recession in the coming months.
Making microchips for devices ranging from cell phones to cars has long been the backbone of the tiny island nation's success.
Ang Wee Seng, chief executive of the Singapore Semiconductor Industry Association (SSIA), told Reuters he is "preparing for the worst" and putting his staff on standby to be ready to help laid-off workers find new jobs.
Source: 3dnews.ru