{"id":114245,"date":"2020-02-13T10:55:10","date_gmt":"2020-02-13T03:55:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-national-budget-to-include-strong-economic-package-says-wong\/"},"modified":"2020-02-13T11:17:42","modified_gmt":"2020-02-13T04:17:42","slug":"singapores-national-budget-to-include-strong-economic-package-says-wong","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-national-budget-to-include-strong-economic-package-says-wong\/","title":{"rendered":"Singapore\u2019s national Budget to include \u2018strong\u2019 economic package, says Wong"},"content":{"rendered":"


\nWith the impact of the Coronavirus Disease 2019 outbreak on Singapore\u2019s trade-reliant economy expected to be worse compared to the SARS pandemic in 2003, the city-state\u2019s national Budget, which is set to be unveiled next week, will include a \u201cstrong\u201d economic package to mitigate the economic fallout.`
\n\u201cI think you can well anticipate a larger impact overall which will then have a knock-on impact on Singapore too,\u201d said Minister for National Development Lawrence Wong, who also co-chairs the multi-ministry task force created to coordinate the response of Singapore to the virus outbreak, in an interview with Bloomberg News.
\n\u201cWe are preparing for that, we are anticipating that and that\u2019s why we will announce what the appropriate measures\u201d are in the national Budget, which will be revealed on 18 February.
\nThe increased economic threat can be attributed to various reasons, like China\u2019s economy being much larger today and it being more service- and consumption-oriented, explained Wong.
\nHowever, he declined to reveal the package\u2019s size or whether it will be higher than the $230 million relief package provided during the 2003 Sars crisis, which also battered the city-state\u2019s economy back then, reported Bloomberg.
\nThe Sars relief package included property tax rebates as well as a bridging loan programme for small- and medium-sized companies to help them deal with short-term cash-flow issues.
\nAside from specific sectors such as hospitality and tourism that have already weakened, Wong expects the broader knock-on effect to be \u201cquite severe\u201d. He noted that a hit on China\u2019s economy will affect the global economy, with Singapore surely impacted.
\n\u201cWe are preparing for a strong package in the coming budget to help our companies as well as to help workers stay in their jobs,\u201d said Wong.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore\u2019s national Budget to include \u2018strong\u2019 economic package, says Wong<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With the impact of the Coronavirus Disease 2019 outbreak on Singapore\u2019s trade-reliant economy expected to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114245","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tIF","jetpack-related-posts":[{"id":115132,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-second-stimulus-package-might-require-a-bigger-draw-down-on-reserves-than-in-2009\/","url_meta":{"origin":114245,"position":0},"title":"COVID-19: Second stimulus package might require a bigger draw down on reserves than in 2009","date":"March 25, 2020","format":false,"excerpt":"\r The second stimulus package may even exceed\u00a0the record $20.5 billion package introduced during the 2009 global financial crisis, economists say.\u00a0 Ahead of the government\u2019s second stimulus package announcement, which will be unveiled on Thursday, 26 March, economists expect it to surpass the special packages rolled out in Budget 2020\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115018,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-economy-to-fall-by-0-5-this-year-dbs\/","url_meta":{"origin":114245,"position":1},"title":"Singapore\u2019s economy to fall by 0.5% this year \u2013 DBS","date":"March 20, 2020","format":false,"excerpt":"\r Total retrenchments are also expected to hit 24,500 this year.\u00a0 DBS Bank expects a 0.5% drop in Singapore\u2019s economy this year, instead of the 0.9% growth forecasted last month, reported The New Paper. DBS Bank Economist Irvin Seah explained that the downgraded forecast might come with further downside risks,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115286,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-eases-monetary-policy-amid-covid-19-pandemic\/","url_meta":{"origin":114245,"position":2},"title":"MAS eases monetary policy amid Covid-19 pandemic","date":"March 31, 2020","format":false,"excerpt":"\r With the economy battered by the Covid-19 pandemic, the Monetary Authority of Singapore (MAS) eased its monetary policy by reducing the Singapore dollar policy band\u2019s slope to a zero rate of appreciation. MAS also lowered the midpoint of the policy band, a move it last took during the global\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8183,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-20022016-11032016\/","url_meta":{"origin":114245,"position":3},"title":"News Roundup (20\/02\/2016 \u2013 11\/03\/2016)","date":"March 11, 2016","format":false,"excerpt":"\r \u00a0 Our top Singapore and regional property stories. Wandervale\u2019s prices start from $655,000 for a 3-bedder Sim Lian Group has released prices for the 534-unit\u00a0Wandervale executive condominium\u00a0(EC) in Choa Chu Kang, the first major property launch this year. In a statement, the group said prices start from $655,000 for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/03\/HDB-Story-e1457528161245-1024x415.jpg?fit=1024%2C415&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":115448,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-unveils-5-1bil-third-support-package-known-as-the-solidarity-budget\/","url_meta":{"origin":114245,"position":4},"title":"Singapore unveils $5.1bil third support package, known as the Solidarity Budget","date":"April 7, 2020","format":false,"excerpt":"\r In total, the government is set to commit $59.9 billion, or about 12% of Singapore\u2019s GDP in a battle against the Covid-19 pandemic. Following the announcement by Deputy Prime Minister Heng Swee Keat, the Singapore government has unveiled a third round of support measures on 6 April to help\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123079,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-tax-revenue-up-amid-higher-stamp-duties-corporate-and-personal-income-tax-collected\/","url_meta":{"origin":114245,"position":5},"title":"Singapore tax revenue up, amid higher stamp duties, corporate and personal income tax collected","date":"November 8, 2021","format":false,"excerpt":"\r Singapore tax revenue up, amid higher stamp duties, corporate and personal income tax collected$39.43 billion was collected\u00a0in tax revenue\u00a0for April to September 2021, up from $23.74 billion collected in the\u00a0same period in FY20. 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