As governments around the world moved to contain the coronavirus by imposing lockdowns and shutting businesses, the Ministry of Finance (MOF) had to quickly adjust last year s five Budgets.
By adapting to the crisis, Singapore averted a deeper economic recession and prevented its unemployment rate from spiking by a further 1.7 percentage points.
In its interim assessment of the impact of key Covid-19 budget measures released yesterday, the ministry said the pandemic demanded a coordinated response across the public health, economic and social domains.
The Government, in turn, responded with a strategy to protect lives, livelihoods and provide social support, MOF said. The mix of measures was continually fine-tuned to help Singapore adapt to the rapidly changing situation.
SINGAPORE - As governments around the world moved to contain the coronavirus by imposing lockdowns and shuttering businesses, the Ministry of Finance (MOF) had to quickly adjust last year s five Budgets.
By adapting to the crisis, Singapore averted a deeper economic recession, and prevented its unemployment rate from spiking by a further 1.7 percentage points.
In its interim assessment of the impact of key Covid-19 Budget measures released on Thursday (Feb 11), the ministry said the pandemic demanded a coordinated response across the public health, economic and social domains.
The Government in turn responded with a strategy to protect lives, livelihoods and provide social support, it said. The mix of measures was continually fine-tuned to help Singapore adapt to the rapidly changing situation.
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