Singapore's Deputy Prime Minister and Finance Minister Heng Swee Keat announced another 8 billion Singapore dollars to support an economy under pressure from the coronavirus pandemic
The country's open and trade-dependent economy has been among the hardest hit in Asia following lockdown measures around the world aimed at slowing the spread of the coronavirus. Singapore's government has allocated another 8 billion Singapore dollars to support the economy that has come under pressure from the"The resulting economic impact has been severe," Heng, who's also coordinating minister for economic policies, said in a televised address. He added that "the global economy remains very weak" and any recovery "will depend on how well countries contain the spread of the virus.
Singapore reported one of the worst economic contractions in Asia for the first half of the year. Its open and trade-dependent economy has taken a hard hit, as lockdown measures around the world aimed at slowing the spread of the coronavirus halted much of global economic activity.
Source: Financial Digest (financialdigest.net)
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