There were some 22,220 bankrupts as of June 30, an all-time high for the city-state of four million people, and the number of bankruptcy orders issued in the first six months of the year rose 10.6 percent, it said.

Analysts told the newspaper that rising bankruptcies could have resulted from an uneven economic recovery and a time lag between overall output growth and the effect on individuals' finances.

"There are some sectors that are still struggling," debt collection specialist William Lim told the daily.

"If you look at it, you can say that the pinch from last year is being felt now and I don't think you'll see a tapering off in the numbers for the rest of the year."

The economy was hit badly last year by the Severe Acute Respiratory Syndrome (SARS) crisis in East Asia but this year it is expected to grow 8.0-9.0 percent after 1.1 percent in 2003.

However, growth is officially forecast to slow down to 3.0-5.0 percent in 2005 amid uncertainties resulting from high oil prices, the prospects for Singapore's key export markets and geopolitical factors.

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