SINGAPORE: Singapore on Tuesday announced financial packages worth around US$4.5bil to help contain the coronavirus outbreak in the city-state and weather its economic impact.
Delivering his annual budget speech, Finance Minister Heng Swee Keat also said a planned hike in the goods and services tax would not take place in 2021 given the current state of the economy which recorded its lowest growth in a decade last year.
The schemes involve an S$800 million package to fight and contain the disease, mainly through additional healthcare funding, and a further S$5.6 billion in measures to help manage its impact on businesses, jobs and living costs. The economic fallout from the coronavirus epidemic has spread to U.S. technology titan Apple Inc, which warned of iPhone shortages and lower than expected revenue, while South Korea's president called the situation in his country aneconomic emergency.
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