Singaporean Deputy Prime Minister Heng Swee Keat. (Photo: GOV.SG)Singapore(VNA) – Singaporean Deputy Prime Minister Heng Swee Keat told the Parliament onOctober 5 key strategies to help the country emerge stronger from the COVID-19 crisis.
The Singaporean Governmenthas worked out the steps to further reopen safely in the coming months, hesaid, adding it has refreshed its economic strategy for a post-COVID-19 worldto remake Singapore as a Global-Asia node of technology, innovation, andenterprise; 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 positionto be weak for a number of years, as the effects of COVID-19 on the globaleconomy linger, and the economy slows.
At the same time, the Government's expenditure will rise as it continues toprovide support for Singaporeans and businesses.
"This challenging fiscal position is a result of a global pandemic that noone could have predicted. What is within our control is how we use our fiscalresources 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 andbusinesses through this difficult period, he added.
Meanwhile, Malaysia, Singapore’s neighbour, adjusted up its debt levels as thecountry embarks on measures to support businesses and citizens to deal with theeconomic fallout from the conoravirus.
Malaysian Finance Minister Zafrul Aziz said the country’s fiscal deficit willcome in at around 5.8 percent to 6 percent this year. So far, fiscal injectionsinto the economy stand at around 20 percent of its GDP, according to him.
Malaysiahas rolled out about 305 billion ringgit (73 billion USD) for stimulus packagesso 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 5.5percent to 8 percent, from negative growth this year. For 2020, GDP is expectedto be around -5.5 percent to -3.5 percent./.
VNA
