THE Resilience Budget achieves two objectives at one time.
It helps companies most affected by the crisis while, at the same time, it prevents employees from being laid off and helps them to keep their jobs through the enhanced Jobs Support Scheme.
The Budget also does well to recognise Singapore’s position as a global city which is badly hit by border closures and the almost total cessation of international travel. Hence the emphasis on helping the Aviation sector, as well as Hotels and Tourism sectors. This is a far-reaching budget and shows that the government is daring to do what it takes to support the economy and protect jobs.
The Government is spending almost $55b or 11% of Singapore’s GDP. The size of this budget is the largest in the history of Singapore. It highlights the government’s past wisdom, planning and discipline in building up a vast reserve and courage to tap into it in times of need.
With a population of 5.7 million, this works out to about S$9,650 per capita. This is more aggressive compared to the US stimulus package of US$2 trillion (S$2,900 bn) with a population of 330 million, which works out to be S$8,800 per capita.
Dr Stephen Riady is the Executive Chairman of property developer OUE.
Here are the links to all the Friday Focus articles on The Resilience Budget:
- Impressive…But Wait For The Details
- Unexpected Support
- Time To Prioritise
- Keep The Money Flowing
- A Generous Helping Hand
- Some Questions Unanswered
- What About The Hardworking Foreigners?
- Cash Is King
- Living Day To Day
- Mind The Gaps!