May 26, 2020 / 8:13 AM / 2 months ago

Singapore unveils more virus stimulus, now worth 20% of GDP

FILE PHOTO: Passers-by hold their mobile phones as people take a selfie photo using a smartphone, with Singapore's central business district skyline, in Singapore, May 10, 2019. REUTERS/Kevin Lam

SINGAPORE (Reuters) - Singapore unveiled its fourth multi-billion dollar economic stimulus package in as many months on Tuesday to cushion the blow from the COVID-19 pandemic on businesses and households.

The latest package, focused on retaining jobs, is worth S$33 billion (18.94 billion pounds) and was unveiled by finance minister Heng Swee Keat as the country downgraded its 2020 GDP forecast and faces the deepest recession in its short history.

“We are dedicating close to S$100 billion to support our people in this battle, which is almost 20% of our GDP. This is a landmark package and the necessary response to an unprecedented crisis,” Heng said.

Reporting by Aradhana Aravindan and John Geddie; Editing by Alison Williams

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