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Singapore unveils more virus stimulus, now worth 20% of GDP

Reuters
·1-min read
A woman wearing a mask in precaution of the coronavirus outbreak takes the escalator at a mall in Singapore

SINGAPORE (Reuters) - Singapore unveiled its fourth multi-billion dollar economic stimulus package in as many months on Tuesday to cushion the blow from the COVID-19 pandemic on businesses and households.

The latest package, focused on retaining jobs, is worth S$33 billion ($23.22 billion) and was unveiled by finance minister Heng Swee Keat as the country downgraded its 2020 GDP forecast and faces the deepest recession in its short history.

"We are dedicating close to S$100 billion to support our people in this battle, which is almost 20% of our GDP. This is a landmark package and the necessary response to an unprecedented crisis," Heng said.

(Reporting by Aradhana Aravindan and John Geddie; Editing by Alison Williams)