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Government measures to prevent economy from contracting by 5.6%, but Singapore still expected to face a full year recession

Amala Balakrishner
Amala Balakrishner • 4 min read
Government measures to prevent economy from contracting by 5.6%, but Singapore still expected to face a full year recession
Going into FY21, we foresee the fiscal deficit will continue to be impacted by weak operating revenue,” say RHB economists.
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The close to $100 billion in relief measures disbursed has prevented Singapore’s economy from a further 5.6% in 2020 and 4.8% in 2021, says the Monetary Authority of Singapore (MAS).

As the Covid-19 health-turned-economic crisis wages on, the city state is set to see some of the measures announced previously to tide it through this uncertain time.

Speaking in a Parliamentary sitting on Oct 5, Deputy Prime Minister Heng Swee Keat said that the government will extend the Enhanced Training Support Package by six months to end June 2021.

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