Pandemic, circuit breaker cut GDP by $11b, but Budget support helped: The Straits Times
Without government’s financial aids being extended to businesses and individuals, Singapore’s GDP would not have shrunk by a mere 2.2%, totaling $9B. The 4 budgets, unity, resilience, solidarity and fortitude, announced, amounted to $93B, accounted for approximately 20% of Singapore’s GDP. Without these budgets, economy could have shrunk by a bigger percentage.
Source: https://www.straitstimes.com/politics/pandemic-circuit-breaker-cut-gdp-by-11b-but-budget-support-helped-ministry-analysts
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