Government support measures will prevent GDP from contracting by a further 5.6% in 2020, and 4.8% in 2021, says DPM Heng

The close to $100 billion in relief measures from the government has helped cushioned Singapore’s steepest economic contraction in history, said Deputy Prime Minister and Finance Minister Heng Swee Keat on Oct 5.

The grants, reliefs, and subsidiaries, announced across four budgets since March, has prevented Singapore’s economy from contracting by a further 5.6% in 2020 and 4.8% in 2021, according to the Monetary Authority of Singapore (MAS).

Presenting the revised revenue estimates to Parliament, Heng stressed that the total draw on past reserves remains at $52 billion.

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