COVID-19 has struck hard at economies around the world, and Singapore is no exception. Its economy shrank by 13.3% in the second quarter of 2020 – the worst in a quarter ever – and the country is currently in its worst recession since independence in 1965.
Singapore’s fiscal policies have helped to steward the country’s progress over the years by maintaining a balanced budget, investing for the future, and ensuring a fair and progressive fiscal system. In the face of the pandemic, the government committed close to $100 billion in 2020 to fight COVID-19. It expects to make an unprecedented draw of up to $53.7 billion on its past reserves in 2020 and 2021 to respond to the crisis, including an $11 billion COVID-19 Resilience Package, which it announced as part of Budget 2021. Even so, recovery is expected to be uneven across sectors, and it may be several years before Singapore is fully out of the woods.
How can the country ensure that no one is left behind on the road to recovery? Beyond the government, what roles can companies, groups or even individuals play to help create the conditions for macroeconomic stability, support economic growth, and promote social equity?
Join Mrs Tan Ching Yee, Permanent Secretary at the Ministry of Finance, in a discussion on Singapore’s economy and how the nation can push ahead in these extraordinary times. The session will be held over the Zoom teleconferencing platform, with IPS curating a meal from The Ritz-Carlton, Millenia Singapore to be delivered to each participant.