Singapore unveils virus stimulus, now worth 20% of GDP

Singapore unveils more coronavirus stimulus, now worth 20% of GDP

A general view shows the financial business district in Singapore. AFP

Singapore unveiled its fourth multi-billion dollar economic stimulus package in as many months on Tuesday to cushion the blow from the COVID-19 pandemic on businesses and households.

The latest package, focused on retaining jobs, is worth S$33 billion ($23.22 billion) and was unveiled by finance minister Heng Swee Keat as the country downgraded its 2020 GDP forecast and faces the deepest recession in its short history.

"We are dedicating close to S$100 billion to support our people in this battle, which is almost 20% of our GDP. This is a landmark package and the necessary response to an unprecedented crisis," Heng said. ($1 = 1.4210 Singapore dollars)

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