"Morale generally is very low. This is the time of the year when people normally get bonuses and plan for holidays," psychiatrist Brian Yeo told the Straits Times newspaper.

"Now they are wondering when they are going to get the chop," he said.

The Institute of Mental Health (IMH) reported that the number of its patients had almost doubled since April while psychiatrists said they had been seeing 20 percent more people for depression in the last two months.

Men, especially 30 to 49-year-olds in the prime of their careers, were feeling the most heat under the current economic meltdown.

"The men are having it bad because it is expected in our culture for them to be breadwinners ... Their self-esteem hinges on whether they are employed," said IMH chief executive Kua Ee Heok, who sees two to three new patients a day.

P. Loh, a 42-year-old manager, found himself saddled with car and condominium loans after being retrenched last month. He began seeing a psychiatrist recently.

"Juggling my finances is still bearable but coping with questions and pitying looks from family, friends and neighbours can be very difficult," he said.

The manpower ministry said last week the number of retrenched workers in Singapore may reach 25,000 this year, higher than the earlier forecast of 20,000, as the economy lurches toward negative growth.

Singapore's economy fell into recession in the second half of this year and full-year growth is projected to shrink by three percent, from a robust 9.9 percent expansion in 2000.

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