As part of budget plans, Singapore’s Finance Minister Lawrence Wong announced a $500 million Singapore dollar ($372 million) package to support jobs and businesses, as well as separate targeted relief for the struggling aviation sector.
Over the last two years, Singapore’s government has committed about SG$100 billion to protect its people, businesses, and economy from the effects of the Covid-19 pandemic.
Wong also announced that the government would set aside an SG$560 million package to assist Singaporeans in dealing with growing living costs.
He said the government was keeping a careful eye on the risk of growing inflation and living costs, which has been fueled by a recovery in global demand despite ongoing supply chain disruptions and, in particular, the rise in energy prices.
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Singapore’s GDP is expected to grow by 3-5% this year.
In January, the Monetary Authority of Singapore tightened policy settings for the first time in seven years. At its scheduled policy meeting in April, it is largely expected to tighten again.
Core inflation in the city-state is expected to be 2-3% in 2022, with headline inflation at 2.5-3.5%
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