While the S$48 billion Resilience Budget announced by Deputy Prime Minister and Finance Minister Heng Swee Keat on Thursday , in addition to the earlier S$6.4 billion package, would help alleviate the massive hit from COVID-19, the economists said the measures would not help prevent the recession.
The economic contraction for the next two quarters is likely to be even deeper than the first quarter, with an expected decline of more than 3.5 per cent, said Seah. He noted that the shrinkage was the worst since the 2009 financial crisis, while the 10.6 per cent drop in GDP on a quarterly basis was the lowest since 2010.
“The fiscal support will reduce job losses and the extent of unemployment, but will not be able to lift GDP growth or the corporate revenue line,” Chua and Lee said. They expect Singapore’s unemployment rate to climb to around 3.5 per cent from the current 2.3 per cent, with job losses of around 40,000 to 50,000 for this year.
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