SINGAPORE - Saving jobs and creating new ones will be the priority, said Prime Minister Lee Hsien Loong on Tuesday (May 26) after the announcement of a $33 billion Covid-19 support package to help keep the economy afloat.. Read more at straitstimes.com.
SINGAPORE - Saving jobs and creating new ones will be the priority, said Prime Minister Lee Hsien Loong on Tuesday after the announcement of a $33 billion Covid-19 support package to help keep the economy afloat.
He recounted how Singapore ran into a crisis barely two years after it became independent in 1965, when the British - who had supported Singapore's economy and defence - abruptly decided to pull out. On Tuesday, the Ministry of Trade and Industry forecast that the economy will shrink by 7 per cent to 4 per cent, worse than the 4 per cent to 1 per cent contraction earlier predicted. This means Singapore is headed for its worst recession since independence."The fiscal prudence and discipline of successive governments have put us in a strong position to overcome this crisis, and emerge stronger after the pandemic.
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