A tourist, wearing a protective facemask amid fears on the spread of the COVID-19 novel coronavirus, taking photographs at Marina Bay in Singapore on Tuesday . Singapore unveiled S$4.6bil in financial packages on Tuesday to deal with the impact of the deadly Covid-19 outbreak, which has battered the economy and sparked fears of a recession. - AFP
"This year we usher in a new decade, one marked by tectonic shifts in our operating environment, and major uncertainties,” Heng, who is also deputy prime minister, said in his budget speech in Parliament. The government is putting in every effort to"slow down the spread of the virus,” he said. "Such exceptional circumstances definitely call for a robust fiscal response,” said Irvin Seah, a senior economist at DBS Group Holdings Ltd."The very prudent fiscal planning that we always abide to over the years has enabled us the ability to respond strongly in such a difficult period.”
Of the S$5.6bil economic support, S$4 billion will primarily go toward supporting businesses with wage costs. The rest will assist consumers by offering"additional, timely help to more households with cost of living,” especially for lower-income families. The majority of Singaporean families will receive offsets of at least five years’ worth to cover GST expenses. Lower- and middle-income Singaporeans and retirees remain eligible for additional support.