The Singaporean Government has worked out the steps to further reopen safely in the coming months, he said, adding it has refreshed its economic strategy for a post-COVID-19 world to remake Singapore as a Global-Asia node of technology, innovation, and enterprise; achieve inclusive growth; and build resilience.
All aim to create better lives and opportunities for its people, he said.
According to the Deputy PM, the Government expects Singapore's revenue position to be weak for a number of years, as the effects of COVID-19 on the global economy linger, and the economy slows.
At the same time, the Government's expenditure will rise as it continues to provide support for Singaporeans and businesses.
"This challenging fiscal position is a result of a global pandemic that no one could have predicted. What is within our control is how we use our fiscal resources well to respond to this crisis, and to prepare for the future," he said.
Singapore has dedicated close to 100 billion SGD to support people and businesses through this difficult period, he added.
Meanwhile, Malaysia, Singapore’s neighbour, adjusted up its debt levels as the country embarks on measures to support businesses and citizens to deal with the economic fallout from the conoravirus.
Malaysian Finance Minister Zafrul Aziz said the country’s fiscal deficit will come in at around 5.8 percent to 6 percent this year. So far, fiscal injections into the economy stand at around 20 percent of its GDP, according to him.
Malaysia has rolled out about 305 billion ringgit (73 billion USD) for stimulus packages so far this year, to help inject cash into the economy and prop it up.
Zafrul said his government is “optimistic” that the economy next year will expand by around 5.5 percent to 8 percent, from negative growth this year. For 2020, GDP is expected to be around -5.5 percent to -3.5 percent.
Source: VNA