SINGAPORE - The pandemic and circuit breaker measures this year lowered Singapore's gross domestic product by $11 billion and led to a spike in unemployment - but both could be higher if not for the four rounds of Budget support measures.
The circuit breaker measures - including the closure of workplaces and travel restrictions - took effect on April 7, and were tightened two weeks later. It does not include sector-specific restrictions that remained in place after June 1, such as the later resumption of retail activity at physical outlets and dining-in services on June 19, as well as delays in the restart of construction and marine and offshore engineering activities due to the outbreak in foreign worker dormitories.
"This implies that, without the Budget measures, the economy could have contracted by a larger magnitude," said the analysts, adding that the four Budgets - rolled out from February to May - have supported livelihoods and prevented even more significant disruption to income and cash flows.
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