What is the impact of Covid-19 on the Singapore economy?

What are some measures taken by the government?

On 18 February 2020, Singapore's Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, delivered Singapore’s Financial Year 2020 Budget Statement (Singapore Budget 2020) in Parliament.

Beyond considering the future needs for Singapore's development, Singapore Budget 2020 also included measures to address the impact of the 2019 Novel Coronavirus (COVID-19) outbreak with an additional S$800 million set aside to support these efforts.

A day before delivering the Singapore Budget 2020 Statement, Mr Heng noted in his Facebook page that the Singapore Budget 2020 would also include measures that "were not on the table a month ago". He added that Singapore is able to respond decisively to the challenges of the COVID-19 outbreak because of the strength of Singapore's reserves, which went beyond our financial reserves to include "reserves of strength, resilience, empathy and resourcefulness among public servants and Singaporeans".

Why does Singapore have sufficient financial reserves that we can tap on? What considerations go into the planning of Singapore's budget?

Watch the video below for answers to these questions.

Click on the link below to learn more about the Singapore Budget.

Ministry of Finance - Singapore Budget

The Singapore Budget is prepared for each financial year, which begins on 1 April of every calendar year and ends on 31 March of the next calendar year. The Budget includes the revised government revenue and expenditure projections for the current financial year, as well as the planned government revenue and expenditure for the upcoming financial year.

Do you know the budget process in Singapore?

Coronavirus: After a deep recession, a different economy, The Straits Times, May 3, 2020

The challenge and the promise of the post-Covid-19 economy, The Straits Times, May 10, 2020

Singapore heads for worst recession since independence, The Strait Times, May 26, 2020