Gross Domestic Product (GDP) Has Been Decrease, Singapore Pours Four Stimulus Package of IDR 342 Trillion to Restore the Economy
News24xx.com - The Singapore government on Tuesday (26 May 2020) announced it would pour out IDR 342.4 trillion. These funds as support for the economy which was devastated by the Covid-19 pandemic.
Quoted from CNBC, it was announced after the Singapore Ministry of Trade and Industry cut its forecast for Gross Domestic Product (GDP). The local government projects GDP to shrink between 4-7 percent by 2020, as well as being the third revision in Singapore's economic projections this year.
Read more: Erick Thohir announced the new stimulus package which will inject a financial boost to employees of private companies
The stimulus package, valued at Rp342.4 trillion, is the fourth package launched by the Lion Country since the outbreak of the coronavirus struck. Together with the previous three economic stimulus packages, Singapore will spend nearly Rp1,038 trillion, to help businesses and households whose economies are affected by the coronavirus.
The figure is almost 20 percent of the country's GDP. "This is an important stimulus package, and this is our quick step in responding to what Singapura needed during this unprecedented crisis," Deputy Prime Minister and Singaporean Finance Minister Heng Swee Keat said in a speech to parliament.
Read more: Severe! Because of Corona, OPEC Oil Organization is Threatened to be Disbanded
The fourth stimulus package, which was launched, includes an injection of funds for businesses that cannot operate immediately after the lockdown policy in parts of Singapore. Then, levies on foreign workers who work in companies in certain industries such as construction, marine, and offshore.
The stimulus will increase Singapore's budget deficit to IDR 771.6 trillion, or about 15.4 percent of GDP. This is the biggest cash shortfall ever experienced by a country known for its caution.
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