Singapore's GDP would have contracted 12.4pc in 2020 instead of 5.8pc without Covid-19 support measures, says Finance MinistryAccording to government estimates, the five Budgets in 2020 boosted the economy by 5.5 percentage points in 2020, which helped Singapore avoid a deeper economic recession. — TODAY picSINGAPORE, Feb 12 — With help from the Covid-19 support measures rolled out by the Singapore government, Singapore’s economy shrank by 5.8 per cent last year — much less than the 12.
Job losses were averted, and more help went to support families in need,” said Heng, who is also finance minister. Aside from grants, the Singapore government also supported enterprises through various financing schemes that helped more than 20,000 businesses in accessing loans worth S$17.