SINGAPORE - Deputy Prime Minister and Finance Minister Heng Swee Keat on Tuesday unveiled the details of the fourth round of Budget measures to help Singapore through the Covid-19 situation.Moving Forward with Fortitude A. INTRODUCTION Global impact and uncertainties of Covid-19 This is my fourth budget this year. I presented the Solidarity Budget in this House seven weeks ago.
The IMF has predicted that Asia will see zero growth in 2020 - the worst growth performance in 60 years. Will there be significant mutations of the virus? Will there be a resurgence in infections as restrictions on activities and travel are gradually lifted around the world? Economic impact on Singapore As a small and open economy, Singapore's economic outlook depends critically on the state of the global economy. With Covid-19, the global outlook depends on how the global community is able to contain the outbreak.This morning, the Ministry of Trade and Industry further downgraded Singapore's GDP growth forecast from"-4 per cent to -1 per cent" to"-7 per cent to -4 per cent".
As announced by the Multi-Ministry Task Force on May 19, we are preparing to reopen the economy in three phases, guided by public health considerations. We must therefore be psychologically prepared for setbacks, before we safely transition to a new normal, and build a Covid-safe nation. Some have lost their jobs or suffered pay cuts. Fresh graduates are worried about finding jobs. Mid-career Singaporeans who support both their children and elderly parents, are anxious about job stability.Families have found it challenging to balance working from home and adapting to home-based learning.
I will also provide funding to front-line agencies, to continue our fight against the pandemic. This will boost our clinical management of cases, and our swabbing and testing capabilities. Before I get into the details, I thank our partners - NTUC, Singapore Business Federation, Future Economy Council members, Emerging Stronger Taskforce members, social sector agency partners, and many citizens and groups who have given us useful feedback. Your inputs have been valuable. I also thank my team in MOF who has been working non-stop since our first Unity Budget this year.
The tripartite structure that has served Singapore so well over the years will need to be reinforced.
i read 'Fortitude' as 'Fortnite' LOL
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