Singapore gets down to business to counter Corona outbreak

Singapore gets down to business to counter Corona outbreak

As some countries are fighting over protective masks and are implementing stricter mobility measures, others, such as Singapore, get the money machine flowing.

Singapore's Finance minister, Heng Swee Keat revealed another stimulus package. It is the third installment in just two months. It is worth $3.6 Billion, and it will be used to ease the economic damage, as the outbreak continues.

We already know that the last stimulus, called the "Resilience Budget," was released to protect jobs, support businesses (the hard-hit ones can benefit from 50%-75% co-funding). The Finance Minister went on and said that the new measures would help people keep their jobs and businesses start their operations as soon as the pandemic is over.

The stimulus came just one day before non-essential businesses and schools will close for one month. As a new measure, the government will give cash to households: "The primary aim of this solidarity budget is to take further steps to save jobs and protect the livelihoods of our people during this temporary period of heightened measures,” Heng said.

Now, the total value of the stimulus is 12% of the country's GDP. The budget deficit for the current fiscal year will be up to 8.9% of GDP. An economic contraction between 1 and 4% is expected for 2020, bigger than the prediction made when the second stimulus was released, less than 2 weeks ago.

At the moment, Singapore reports more than 1300 cases of Coronavirus.

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Sources: cnbc.com, Bloomberg.com, scmp.com, thestar.com.my

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The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.