In 2019, Singapore’s economy grew by a modest 0.7% - the weakest growth since the 2008 Financial Crisis. The Ministry of Trade and Industry (MTI) has downgraded Singapore’s growth forecast to -0.5 – 1.5% from 0.5 – 2.5% and this indicates a possible recession.
With the COVID-19 outbreak, the Ministry of Finance (MOF)’s budget 2020 has set aside a substantial amount of focus and resources into helping businesses and industries towards cushioning the impact from such uncertainties.
In this post, we will look at the initiatives announced in this year’s budget that aims to help sectors who have been financially hit as well as measures to help them tide through this tough season.
With the COVID-19 outbreak, the Ministry of Finance (MOF)’s budget 2020 has set aside a substantial amount of focus and resources into helping businesses and industries towards cushioning the impact from such uncertainties.
In this post, we will look at the initiatives announced in this year’s budget that aims to help sectors who have been financially hit as well as measures to help them tide through this tough season.