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The outlook seems dim. Singapore has trimmed its growth forecast even more to around 2.5%, from some 3% in October and a confident 4-5% earlier in the year. Trade officials also expect the economy to contract in 2009, given Singapore's export dependent economy.
To cope with the crisis, the Government announced on Friday, 21 November, a set of packages to help businesses, workers and households. This did not include a GST cut which would be popular but not, as the Finance Minister pointed out, spread the help evenly.
The slew of measures supported by the employers federation and trade union would leave an impact on the budget deficit and will stay in place for the period until Singapore is lifted from the economic doldrums.
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Updated: Wed, 26 Aug 2009 16:16:41 GMT
SINGAPORE: Singapore's economy may be coming out of the woods. The country's manufacturing sector saw July's output go up by 12.4 per cent, above expectations.
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Acting early to ensure local enterprises don't sink but swim, the Trade Ministry has rolled out packages that include an additional S$2.3 billion in loans for local firms to gain access to credit and a Bridging Loan Programme for small firms.
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