SINGAPORE, May 26 — Singapore’s virus-hit economy could shrink by as much as seven per cent this year — the worst reading since independence — the government said today, as it unveiled a fresh multi-billion dollar stimulus package. The city-state is seen as a bellwether of the global...
File picture shows Deputy Prime Minister Heng Swee Keat before delivering his Budget in Parliament in 2019. This year, analysts are expecting a strong relief package to help Singaporeans hit by the Covid-19 outbreak. — TODAY pic
The warning came as Singapore’s deputy prime minister unveiled a fresh support package worth Sg$33 billion for the troubled city, which has been crippled by months of lockdowns around the world. The ministry said the new estimate was made “in view of the deterioration in the external demand outlook” and the partial lockdown imposed domestically. A contraction of seven per cent would be the worst since the city’s independence in 1965.
Deputy Prime Minister Heng Swee Keat, who is also the finance minister, announced in parliament the new package largely aimed at helping companies save jobs. Song Seng Wun, an economist with CIMB Private Banking, said he expects the second quarter to bear the full brunt of the fallout, with GDP expected to contract 15-20 per cent.
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