Singapore reveals key strategies for economic recovery
Singaporean Deputy Prime Minister Heng Swee Keat told the Parliament on October 5 key strategies to help the country emerge stronger from the COVID-19 crisis.
Singaporean Deputy Prime Minister Heng Swee Keat. (Photo: GOV.SG)
Singapore(VNA) – Singaporean Deputy Prime Minister Heng Swee Keat told the Parliament onOctober 5 key strategies to help the country emerge stronger from the COVID-19 crisis.
The Singaporean Governmenthas worked out the steps to further reopen safely in the coming months, hesaid, adding it has refreshed its economic strategy for a post-COVID-19 worldto remake Singapore as a Global-Asia node of technology, innovation, andenterprise; achieve inclusive growth; and build resilience.
All aim to create better lives and opportunities for its people, he said.
According to the Deputy PM, the Government expects Singapore's revenue positionto be weak for a number of years, as the effects of COVID-19 on the globaleconomy linger, and the economy slows.
At the same time, the Government's expenditure will rise as it continues toprovide support for Singaporeans and businesses.
"This challenging fiscal position is a result of a global pandemic that noone could have predicted. What is within our control is how we use our fiscalresources well to respond to this crisis, and to prepare for the future,"he said.
Singapore has dedicated close to 100 billion SGD to support people andbusinesses through this difficult period, he added.
Meanwhile, Malaysia, Singapore’s neighbour, adjusted up its debt levels as thecountry embarks on measures to support businesses and citizens to deal with theeconomic fallout from the conoravirus.
Malaysian Finance Minister Zafrul Aziz said the country’s fiscal deficit willcome in at around 5.8 percent to 6 percent this year. So far, fiscal injectionsinto the economy stand at around 20 percent of its GDP, according to him.
Malaysiahas rolled out about 305 billion ringgit (73 billion USD) for stimulus packagesso far this year, to help inject cash into the economy and prop it up.
Zafrul said his government is “optimistic” that the economy next year will expand by around 5.5percent to 8 percent, from negative growth this year. For 2020, GDP is expectedto be around -5.5 percent to -3.5 percent./.
Singapore will soon adjust its debt moratorium schemes, with the regulator looking to extend the programmes to certain borrowers beyond December 31 this year, while also ensuring that those with the ability to pay should begin repayment before the moratoriums expire.
Malaysia’s National Security Council convened a special meeting on October 3 after the number of COVID-19 infections in the country hit its highest level, reported by the national news agency Bernama.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
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Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Singaporean Deputy Prime Minister Heng Swee Keat. (Photo: GOV.SG)
