Singapore must protect present vulnerabilities and future capabilities

THE Covid-19 outbreak has morphed into a global pandemic with not only healthcare priorities, but also concerns about the economy. Against this context, just five weeks after the S$4 billion "stabilisation and support" package in the 2020 Budget, the Singapore government announced its second package. Dubbed the Resilience Budget by Deputy Prime Minister and Finance Minister Heng Swee Keat, this provides an additional S$48 billion to support the economy through a range of assistance schemes.

Details of the package will continue to be analysed and implemented, to help cushion hard-hit businesses and the most vulnerable sections of society. It is also important to see the effort in a global context and how Singapore's capabilities are being protected and honed for the future.

The "mighty storm" of the pandemic and its impacts on supply and demand globally threatens all economies. Our earlier analysis had called for governments to act quickly to provide fiscal stimulus in anticipation of a drawn-out crisis.