COVID-19: Singapore economy taking ‘big hit’, nobody has been spared – PM Lee
SINGAPORE — The Singapore economy is taking a “big hit” due to the severe impact of the coronavirus outbreak, Prime Minister Lee Hsien Loong said on Thursday (12 March).
Giving his second speech to the nation on the COVID-19 situation, Lee said that the impact is especially serious for some sectors including hotels, aviation, hospitality, and freelancers in the gig economy.
“But nobody has been spared. Everyone feels the impact, to different degrees,” Lee said.
The government is working on a second package of measures to help companies, workers and households, Lee said. The package follows the $4 billion Support and Stabilisation Package announced by Finance Minister and Deputy Prime Minister Heng Swee Keat in his Budget speech last month.
The new package will help companies with their costs and cash flow, to keep them afloat during the current crisis, Lee said.
“We will help our workers keep their jobs, and retrain during their downtime, so that when things return to normal, our workers will be the first out of the gate, and immediately productive. And we will give those who are retrenched and unemployed, as well as their families, an extra helping hand to see through this difficult period,” he added.
His remarks – made in English, Mandarin and Malay – were shared on his social media accounts and on the YouTube channel of the Prime Minister's Office (PMO).
Lee first addressed the nation on the subject in a televised message on 8 February, a day after Singapore's disease outbreak response was escalated up one level to orange.
On Wednesday, Heng spoke about the second package at a Budget 2020 Roundtable organised by the Straits Times and the Business Times, saying that helping workers to keep their jobs is a key aim.
When asked if the government would consider tapping Singapore’s past reserves, Heng said it is “an option that we are looking at very carefully”.
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