Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Singapore Unveils S$33 Billion Fresh Stimulus Package -- Update

share with twitter share with LinkedIn share with facebook
05/26/2020 | 05:24am EDT

By Ben Otto and P.R. Venkat

Singapore will pump an additional 33 billion Singapore dollars (US$23.17 billion) into relief measures for businesses and workers hurt by the Covid-19 pandemic amid signs that the economy is on pace for its worst annual performance on record.

The fiscal package unveiled Tuesday is aimed at softening the impact on businesses and workers affected by the government's ongoing movement restrictions to contain the spread of the coronavirus, Finance Minister Heng Swee Keat said in parliament.

The spending, which brings the total amount the government has allocated to pandemic-related stimulus packages to more than S$96 billion, came after government data earlier in the day pointed to a grimmer-than-expected picture for the Singaporean economy this year. Authorities now expect gross domestic product to contract between 4.0% and 7.0%, from a decline of 1.0% to 4.0% predicted two months ago.

The new forecast, if it materializes, will be the country's worst contraction since independence in 1965.

Singapore is "facing an facing unprecedented level of uncertainties," Mr. Heng said.

The Southeast Asian country has been in a state of partial lockdown since early April, with borders closed, many offices shuttered and social-distancing measures implemented to prevent gatherings beyond family members. Officials intend to begin relaxing some measures in early June, but travel and full-scale business activity could still be months away.

Mr. Heng, who is also the deputy prime minister, said the new spending will aim to create jobs and protect livelihoods by raising the government's allocation for wage support, offering worker training, adding hiring incentives and ensuring businesses have access to cash flow and credit. The government will put aside S$13 billion for contingencies, he said.

To fund the program, Singapore will draw on its past reserves for the second time this year, raising its overall budget deficit in the fiscal year starting April to 15.4% of GDP.

Mr. Heng said he expects most businesses to open by July, but added that workers and businesses alike will have to adapt to a new normal as restrictions linger and consumer behavior changes.

"Life will not return to what it was before Covid-19," Mr. Heng said. "We must be prepared for tough times in the months ahead."

 

Write to Ben Otto at ben.otto@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. 3.49% 949 End-of-day quote.-0.63%
MEMBERS CO., LTD. 3.30% 1440 End-of-day quote.-36.76%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
01:34aGLOBALDATA : Further cuts to MENA construction sector expected for 2020 as region hit with triple whammy, says GlobalData
PU
12:26aUAE non-oil private sector jumps back to growth in June - PMI
RE
12:25aSaudi non-oil private sector shrinks again in June - PMI
RE
07/04CENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : China's privately offered funds top 14t yuan in 2019
PU
07/04KINCORA COPPER : announces high-grade gold-copper results from first hole at Trundle
PU
07/04CENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : China's e-commerce logistics activities expand in June
PU
07/04German economy minister sees economic recovery from October
RE
07/04PM Johnson to phase out Huawei's 5G role within months - The Telegraph
RE
07/04UK to double work coaches as lockdown hammers jobs market
RE
07/04Trump approves five-week extension for small business pandemic loan applications
RE
Latest news "Economy & Forex"