Newsflash: Singapore has unveiled its fourth economic stimulus package in response to the Covid-19 crisis this morning.
The package is worth 33bn Singapore dollars (about £19bn), bringing the total stimulus to 100bn Singapore dollars which represents around 20% of the island nation’s GDP.
The announcement, unveiled by Singapore’s finance minister Heng Swee Keat came just hours after the release of its Q1 GDP figures (which weren’t as bad as expected) and full year 2020 forecasts. The country is now expecting the economy to contract between -4% to -7% compared to earlier forecasts of a -1% or -4% drop.
The money is part of what Singapore is dubbed the “Fortitude Budget”.