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Singapore's GDP would have contracted 12.4pc in 2020 instead of 5.8pc without Covid-19 support measures, says Finance Ministry | Singapore

Friday, 12 Feb 2021 12:55 PM MYT
According to government estimates, the five Budgets in 2020 boosted the economy by 5.5 percentage points in 2020, which helped Singapore avoid a deeper economic recession. TODAY pic
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SINGAPORE, Feb 12 With help from the Covid-19 support measures rolled out by the Singapore government, Singapore’s economy shrank by 5.8 per cent last year much less than the 12.4 per cent decline that would have occurred otherwise.
Through these measures, Singaporean households received about S$2,000 (RM6,097.65) per member on average last year, while S$27.4 billion in grants were given out to businesses. ....

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