Economics
Singapore Focuses on Jobs in New S$33 Billion Virus Relief
- New stimulus package comes as economy heads for historic fall
- Measures bring total virus relief to more than 19% of GDP
Pedestrians walk along the Jubilee Bridge in the central business district in Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
Singapore’s Finance Minister Heng Swee Keat delivered a fourth fiscal package of S$33 billion ($23 billion) to counter the economic fallout of the coronavirus, providing specific support to saving jobs.
The latest measures will help businesses and workers affected by border closures and movement restrictions, Heng said in a Parliament session Tuesday. The steps will push this fiscal year’s budget deficit to 15.4% of gross domestic product, the largest gap in the country’s history.