Singapore adds extra stimulus to fight the pandemic – UOB


Economist at UOB Group Barnabas Gan reviewed the recent decision by the government to pump in extra stimulus aimed at fighting the impact of the coronavirus pandemic.

Key Quotes

“Singapore’s Finance Ministry has introduced additional measures in the fight against the COVID-19 pandemic. Given the ‘rapidly changing situation’, the government will add another S$8.0 billion to cushion the negative economic impact.”

“The measures centre on three key aspects: (1) support jobs and create new employment opportunities, (2) provide support for the sectors that were hit the hardest, and (3) to position Singapore to seize growth opportunities in a postCOVID-19 world.”

“There will be no drawdown from past reserves to finance this additional expenditure. Instead, it will be funded by reallocating monies from other areas, such as development expenditures that were delayed due to COVID-19. Do note that a planned draw-down of S$52.0 billion from reserves had been previously approved.”

“We recognise three key takeaways from the announced measures. First, Singapore’s job market will likely stay weak despite the extension of the Job Support Scheme. Second, Singapore needs to adapt to the evolving economic landscape, given the acceleration of the digital shift amid a reconfiguration of the global supply chain. Third, there are still bright spots in Singapore’s economy despite the current economic slowdown.”

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD keeps the red near 0.6200 amid US-Sino trade war fears

AUD/USD keeps the red near 0.6200 amid US-Sino trade war fears

AUD/USD retains its negative bias, hovering near 0.6200 after the dovish RBA Minutes, which showed that policymakers placed weight on downside risks to the economy. The escalating US-China trade war and renenwed US Dollar buying overshadow in-line Australian Retail Sales, weighing further on the Aussie. 

AUD/USD News
USD/JPY trims losses to regain 149.00 as risk aversion lifts the US Dollar

USD/JPY trims losses to regain 149.00 as risk aversion lifts the US Dollar

USD/JPY pares losses to regain 149.00 early Tuesday as US President Trump's tariffs fuel risk aversion and lift the haven demand for the US Dollar. However, BoJ rate hike expectations and global tariff war fear continue to support the safe-haven Japanese Yen, keeping upside limited. 

USD/JPY News
Gold: Struggle with $2,900 extends despite escalating tariff war

Gold: Struggle with $2,900 extends despite escalating tariff war

Gold price is treading water below $2,900 early Tuesday, consolidating the recent upswing before the next push higher. Markets remain risk-averse as a global tariff war seems inevitable, with US President Donald Trump affirming 25% tariffs on Canada and Mexico effective on Tuesday while he already signed the order to raise China tariffs to 20%.

Gold News
ETH sellers mount $1.8B resistance as tariffs nullify bullish catalysts from Trump and Ethereum Foundation

ETH sellers mount $1.8B resistance as tariffs nullify bullish catalysts from Trump and Ethereum Foundation

Ethereum price dipped 16% to hit $2,100 on Monday, after climbing 15% from $2,200 to $2,550 hours after Trump confirmed the inclusion of ETH in a proposed US Crypto Strategic Reserve. 

Read more
Seven fundamentals for the week: Angst rises ahead of tariff deadline and full buildup to Nonfarm Payrolls

Seven fundamentals for the week: Angst rises ahead of tariff deadline and full buildup to Nonfarm Payrolls Premium

A reality show in the White House – the world is still digesting the dressing down of Ukraine's President Volodymyr Zelenskyy in the White House, but markets have to focus on other actions of US President Donald Trump: tariffs. The dramas come in a week of top-tier data. It is time to fasten your seatbelts.

Read more
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025