Forex Market News Today
  • Home
  • News
  • LiveHourly
  • Markets
  • Stock
  • Business
  • Economy
  • World
  • Politics
  • Energy
  • exchange
  • companies
No Result
View All Result
Forex Market News Today
Home Economy

Singapore announces 2021 government budget to support Covid recovery

2 months ago
in Economy
2 min read
Singapore announces 2021 government budget to support Covid recovery
Share on FacebookShare on Twitter


People wearing protective masks walk along the Jubilee Bridge at the Marina Bay waterfront on June 7, 2020 in Singapore.

Suhaimi Abdullah | Getty Images

SINGAPORE — The Singapore government on Tuesday announced a new fiscal package worth 11 billion Singapore dollars ($8.3 billion) to support Covid vaccination efforts and economic segments hit hard in the pandemic.

Finance Minister Heng Swee Keat, in his annual budget speech, outlined how the funds will be used:

  • About 4.8 billion Singapore dollars ($3.6 billion) are meant for public health and safe reopening measures, including vaccination, contract tracing and testing capabilities.
  • Extend several existing schemes to subsidize wages of workers and provide financing to businesses.
  • Targeted support for select sectors such as aviation, land transportation and arts.

Singapore’s government last year committed more than 90 billion Singapore dollars ($68 billion) — around 20% of GDP — to soften the pandemic’s economic hit.

Those measures, along with the central bank’s monetary support, helped Singapore to “avoid a worse recession, avert job losses and mitigate inequality,” said Heng.

He added that if not for the measures, the Southeast Asian economy would have shrunk by at least 12.4% last year. That’s more than double the 5.4% contraction — still the worst-ever economic recession — that the country recorded in 2020.

Singapore’s economy is expected to grow 4% to 6% this year, according to the government’s forecast.

The city-state was one of the first countries outside China to report cases of Covid-19 in early 2020. The country went into a partial lockdown — locally referred to as a “circuit breaker” — in April last year to stem the virus spread.

The economy has gradually reopened since June and the number of newly confirmed infections has slowed down in recent months. As of Monday, Singapore has reported more than 59,800 cumulative cases of Covid-19 and 29 deaths, data by the health ministry showed.

This is breaking news. Please check back for updates.



Go to the news source: Singapore announces 2021 government budget to support Covid recovery

Tags: AnnouncesAsia EconomyAsia NewsBudgetbusiness newscovidEconomyGovernmentMarketsrecoverySingaporeSupportWorld economyWorld Markets
Previous Post

Australia parliament rape allegations: Scott Morrison apologizes, promises probe

Next Post

Bitcoin (BTC/USD) Bears Breathe Sigh of Relief

Related Posts

India’s exports to be in positive territory In 2021-22: Commerce ministry | Late…
Economy

India’s exports to be in positive territory In 2021-22: Commerce ministry | Late…

by Forex News
April 21, 2021
0

India's exports to be in positive territory In 2021-22: Commerce ministry | Latest English News WION Go to...

Read more
HSBC chief vows not to ‘flip-flop’ on China strategy
Economy

HSBC chief vows not to ‘flip-flop’ on China strategy

by Forex News
April 21, 2021
0

HSBC will not “flip-flop” on strategy every time there is a flare-up in tensions between Beijing and the west,...

Read more
World’s 10 biggest economies before Covid pandemic vs. now
Economy

World’s 10 biggest economies before Covid pandemic vs. now

by Forex News
April 21, 2021
0

A child runs past a wall mural depicting healthcare workers wearing face masks along a road in New Delhi,...

Read more
Huarong debacle tests Beijing’s resolve to bail out state groups
Economy

Huarong debacle tests Beijing’s resolve to bail out state groups

by Forex News
April 21, 2021
0

When the former chair of China’s biggest manager of distressed debt was executed in January, the focus had been...

Read more
Leaked Amazon Memo Shows How It Forces Out Employees to Hit Targets
Economy

Leaked Amazon Memo Shows How It Forces Out Employees to Hit Targets

by Forex News
April 21, 2021
0

Amazon has a goal to get rid of a certain percentage of employees each year, often 6% — and...

Read more
Billionaire Leon Cooperman turns down Elizabeth Warren’s offer to testify on her…
Economy

Billionaire Leon Cooperman turns down Elizabeth Warren’s offer to testify on her…

by Forex News
April 20, 2021
0

Warren invited Cooperman, with whom she has repeatedly clashed, to appear at an April 27 hearing on creating a...

Read more
China’s Alibaba invests $350 mln in capital increase to Turkey’s Trendyol -trade…
Economy

China’s Alibaba invests $350 mln in capital increase to Turkey’s Trendyol -trade…

by Forex News
April 20, 2021
0

Chinese internet giant Alibaba invested $350 million in Turkish e-commerce firm Trendyol in a capital increase, according to an...

Read more
Unemployment benefits cut short for 300,000-plus amid pandemic: study
Economy

Unemployment benefits cut short for 300,000-plus amid pandemic: study

by Forex News
April 20, 2021
0

Outdoor dining tents under constructions in Arlington, Virginia, on Feb. 5, 2021.Liu Jie/Xinhua via GettyMore than 300,000 Americans lost...

Read more
Central and Eastern European central banks are buying up gold, citing ‘rapid str…
Economy

Central and Eastern European central banks are buying up gold, citing ‘rapid str…

by Forex News
April 20, 2021
0

(Kitco News) After several large gold purchases by Poland and Hungary, the Central and Eastern Europe region now accounts...

Read more
Live Foreign Currency Exchange Rates
Economy

UK vacancies jump 16% in March as firms prepare for reopening – business live – …

by Forex News
April 20, 2021
0

UK vacancies jump 16% in March as firms prepare for reopening – business live The Guardian Go to...

Read more
Next Post
Bitcoin (BTC) Builds for the Next Big Break, BTC/USD Levels

Bitcoin (BTC/USD) Bears Breathe Sigh of Relief

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Latest Forex News

Stocks take a breather amid election drama; October jobs data helps

Stocks take a breather amid election drama; October jobs data helps

4 months ago
Biden and the Fed Leave 1970s Inflation Fears Behind

Biden and the Fed Leave 1970s Inflation Fears Behind

2 months ago
Japanese gamers hunger for PS5 as Sony feeds offshore market

Japanese gamers hunger for PS5 as Sony feeds offshore market

3 months ago

Dollar held down by doubts over pace of U.S. recovery; bitcoin retreats from rec…

1 month ago

Today Market News

India’s exports to be in positive territory In 2021-22: Commerce ministry | Late…
Economy

India’s exports to be in positive territory In 2021-22: Commerce ministry | Late…

April 21, 2021
HSBC chief vows not to ‘flip-flop’ on China strategy
Economy

HSBC chief vows not to ‘flip-flop’ on China strategy

April 21, 2021
European Super League on the brink of collapse after condemnation
World

European Super League on the brink of collapse after condemnation

April 21, 2021
World’s 10 biggest economies before Covid pandemic vs. now
Economy

World’s 10 biggest economies before Covid pandemic vs. now

April 21, 2021
Huarong debacle tests Beijing’s resolve to bail out state groups
Economy

Huarong debacle tests Beijing’s resolve to bail out state groups

April 21, 2021
Guilty verdict spared George Floyd’s family more injustice, Harvard law professo…
Politics

Guilty verdict spared George Floyd’s family more injustice, Harvard law professo…

April 21, 2021
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 Siteofforex.com

No Result
View All Result
  • Home
  • News
  • Live
  • Markets
  • Stock
  • Business
  • Economy
  • World
  • Politics
  • Energy
  • exchange
  • companies

© 2020 Siteofforex.com

wpDiscuz