"The path ahead remains clouded with uncertainty," MAS warned in its twice-yearly macroeconomic review released on Oct 28, 2020. the economy to shrink by a record 5 per cent to 7 per cent, Economic Affairs: Resuscitating Singapore's economy, Job recovery in S'pore likely slow and uneven despite immediate rebound in retail, F&B: MAS, 7 new Covid-19 reported on Oct 28; all imported | THE BIG STORY, S'pore economy faces deep scarring from pandemic, says MAS chief, MNCs stick to growth plans in Singapore despite Covid-19 pandemic and seek to hire local talent, Singapore's openness to world will never change: Chan Chun Sing assures foreign businesses over anti-foreigner sentiments, Singapore GDP shrinks at slower 7% rate in Q3 as economy starts to recover. Global GDP is projected to contract by 3.9 per cent in 2020. COVID-19: UK records 158 deaths and 6,040 cases in latest 24-hour period Prosecutors are asking that Skea be jailed for four weeks and fined 1,000 Singapore dollars (£540). No. All rights reserved. Singapore has adopted several strategies in the recovery phase of the COVID-19 crisis. Measures to subsidize wages, create new jobs and support upskilling of workers, especially for the worst-hit sectors such as tourism and aviation. Singapore, 07 May 2020 - DBS is pressing ahead with its efforts to support the digital transformation of Singapore’s logistics sector amid the Covid-19 situation, launching today the DBS Logistics Purchasing Card (“DBS P-Card”) – Singapore’s first cashless purchasing card [1] for the logistics sector. Manpower Minister Josephine Teo at the live virtual taskforce press conference on 1 May, 2020. Some 23,150 visitors showed up in January, going by recent Singapore Tourism Board (STB) data. Still, the Southeast Asian country didn't escape its worst ever recession, with official data showing the economy contracted 5.4% in 2020. Singapore Coronavirus update with statistics and graphs: total and new cases, deaths per day, mortality and recovery rates, current active cases, recoveries, trends and timeline. Travellers departing from Singapore, and flying to a destination which requires them to produce a negative Covid-19 PCR test result prior to entry, may apply for the pre-departure test here. Asia's COVID recovery: Vietnam's breakout moment. ... the government may want to keep its powder dry to guard against any unforeseen shocks to growth in 2021, Singapore held its general election last July, delivered by Finance Minister Heng Swee Keat on Tuesday, Prime Minister Lee Hsien Loong has warned, spent big last year to soften the economic blow, data showing the economy contracted 5.4% in 2020. Joining the Lion City are Hong Kong, Thailand and Malaysia. "This will be unusual as the government typically starts the first year of its new term with a sizeable budget surplus," said economists from brokerage Maybank Kim Eng. A once-in-a-generation opportunity for the country that got it right. Singapore reported nine new Covid-19 cases, all imported, on March 5, 2021. This will be done via extending the Jobs Support Scheme (JSS), SGUnited Jobs and Skills Package and COVID-19 Recovery Grant. SINGAPORE – Foreign workers who test positive for the coronavirus would not need to leave their dormitories soon for their recovery process. Singapore Slows COVID-19 Relief Spending As Economy Recovers Singapore will set aside a further S$11 billion ($8.31 billion)in a COVID19 support package this year, its finance minister said on Tuesday, extending last year's unprecedented fiscal response to the pandemic. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. COVID-19 IMPACT ON TRAVEL AND RECOVERY OUTLOO FOREWORD BY STB AND VISA The COVID-19 pandemic has led to worldwide health, economic and social challenges . When must the job/income loss occur for an applicant to be eligible for the COVID-19 Recovery Grant? 198402868E. Singapore’s labour market showed "a broad improvement" in the last quarter of 2020 as preliminary estimates show that unemployment continued … Singapore has adopted several strategies in the recovery phase of the COVID-19 crisis. The drop in final demand also prompts companies in the worst-hit sectors to make a proportional cut in wages for their employees, thus weakening household consumption. 2 The COVID-19 pandemic has affected many Singaporeans. The Ministry of Social and Family Development (MSF) will launch the COVID-19 Recovery Grant (CRG) on 18 January 2021 to support lower- to middle-income employees and self-employed persons (SEPs) who are financially impacted by COVID-19. The Ministry of Social and Family Development (MSF) has launched the COVID-19 Recovery Grant (CRG) on 18 January 2021 to support lower- to middle-income employees and self-employed persons (SEPs) who remain significantly affected by job or income loss. MAS said that unlike the global financial crisis of 2008 when the resident unemployment rate returned to pre-crisis levels after six quarters, the recovery in employment is likely to be uneven and slow. January 31, 2021 07:00 PM Eastern Standard Time. Join ST's Telegram channel here and get the latest breaking news delivered to you. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The region will likely go back to its pre-COVID levels by Q1 2021. In particular, from 11.59 pm (of) January 24, 2021, all travellers (including Singapore citizens or permanent residents) will need to take a Covid-19 PCR test upon arrival in Singapore. This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. The Ministry of Social and Family Development (MSF) has launched the COVID-19 Recovery Grant (CRG) on 18 January 2021 to support lower- to middle-income employees and self-employed persons (SEPs) who remain significantly affected by job or income loss. SPH Digital News / Copyright © 2021 Singapore Press Holdings Ltd. Co. Regn. A Division of NBCUniversal. MAS said the unemployment rate among Singaporeans and permanent residents is likely to stay elevated in 2021, keeping wage growth low. The COVID-19 pandemic has affected many Singaporeans. The nation's gross domestic product (GDP) contracted in the second quarter by 13.2 per cent on a quarter-on-quarter seasonally adjusted basis. Indeed, the resident unemployment rate continued to rise to an average of 4.3 per cent in July to August even after phase two of the economy’s reopening in June when the rate was at 3.8 per cent. Others such as Irvin Seah from DBS bank projected a smaller shortfall. Almost nine in 10 of Singapore’s Covid-19 patients are still being kept in isolation at hospitals or care facilities, equating to a recovery rate of just 15 per cent. SINGAPORE — SAP SE (NYSE: SAP) today kicked off the SAP.iO Foundry Singapore Fall 2020 acceleration program focused on COVID-19 recovery, FinTech and spend management. The government plans to build community care and recovery facilities within some dorms in Phase 3 of its strategy to curb the COVID … Long, hard road ahead to recovery from Covid-19, PM Lee cautions Things won't return to normal once circuit breaker ends, but S'pore can pull through crisis, he says SINGAPORE: The recovery of Singapore’s aviation and tourism sectors in the wake of COVID-19 will be painfully slow. SINGAPORE -- The Singaporean government will start coronavirus vaccinations for senior residents next Wednesday, as the country steps up its vaccine rollout to accelerate its economic recovery. The gift link for this subscriber-only article has expired. Explaining why the recovery would take longer, MAS said the Covid-19 shock has disproportionately affected domestic-oriented and travel-related services in Singapore - such as food and beverage, retail, construction and aviation and hospitality - unlike previous recessions that were typically driven by the external-oriented manufacturing sector. All done! Tricor Group Releases 2021 Asia Pacific Trade Report Focusing on Impact of RCEP on Singapore and COVID-19 Recovery. Cash-flow support to help badly affected businesses stay afloat, and funding for start-ups to promote entrepreneurship. A survey conducted by Ipsos on the COVID-19 pandemic after the implementation of DORSCON Orange in Singapore found that 81 percent of respondents agreed or strongly agreed that the government would be able to successfully manage the economic impact of the pandemic. "This will be unusual as the government typically starts the first year of its new term with a sizeable budget surplus," economists from brokerage Maybank Kim Eng said in a late-January report. MAS reiterated the Government's forecast for the economy to shrink by a record 5 per cent to 7 per cent this year because of the coronavirus pandemic. Singapore's government announced a new fiscal package worth 11 billion Singapore dollars ($8.3 billion) to support Covid vaccination efforts and economic segments hit hard in the pandemic. DBS Bank’s senior economist Irvin Seah said that while the Singapore economy is on the mend, amid the phased reopening at home and rebound in some regional markets, the recovery will remain uneven, and growth performance across sectors will differ considerably. Sign up for free newsletters and get more CNBC delivered to your inbox. Starting the first fiscal year in the red could prove to be challenging amid uncertainty to the fiscal outcome in the subsequent fiscal years. “The services sector has borne the brunt of the crisis and is expected to remain a drag on growth and employment,” Mr Seah said. Until we resolve the issues, subscribers need not log in to access ST Digital articles. In neighbouring Thailand SINGAPORE -- The Singaporean government will start coronavirus vaccinations for senior residents next Wednesday, as the country steps up its vaccine rollout to accelerate its economic recovery. "The path ahead remains clouded with uncertainty," MAS warned in its twice-yearly macroeconomic review released on Wednesday. The Singapore government's fiscal prudence is one reason behind its coveted AAA credit ratings by international agencies. Incentives to encourage wider adoption of low-emission vehicles; as well as support efforts to increase solar capacity and research into other renewable energy. The country's constitution requires the government's revenue and expenditure to be balanced over a typical five-year term. Like many governments globally, Lee's team spent big last year to soften the economic blow from the pandemic. All Rights Reserved. Singapore’s response to the coronavirus has been held up by many around the world as a model. By registering, you agree to our T&C and Privacy Policy. We want to hear from you. When the novel coronavirus ... the command center of the new community recovery facility of the Changi Exhibition Centre amid the coronavirus disease (COVID-19) outbreak in Singapore … Schools in Sharjah will be 100% online from 14 February Sharjah, UAE has announced 100 per cent distance learning for all private and public schools beginning 14 February until 28 February, reports Khaleej Times. The Singapore economy registered its worst performance ever in the second quarter because of the circuit breaker measures, before experiencing a growth rebound in the July to September period when most of the movement curbs were relaxed. (PHOTO: MCI) SINGAPORE — The manpower ministry is gearing up for the next phase in its fight against the COVID-19 outbreak among migrant workers, which is “about getting the recovery right,” said Minister for Manpower Josephine Teo on Monday (4 May). The central bank also said that the Covid-19 recession has been unprecedented in its intensity, having resulted in a cumulative 14 per cent decline in GDP from pre-crisis levels in the fourth quarter of 2019 to the trough in the second quarter of 2020. "Moreover, the government may want to keep its powder dry to guard against any unforeseen shocks to growth in 2021," he added. Critics say a more diverse group is needed to precipitate a more equitable, sustainable future for Singapore. Get unlimited access to all stories at $0.99/month for the first 3 months. Get this delivered to your inbox, and more info about our products and services. His pledge to earmark resources in excess of HK$100 billion to … SINGAPORE - The Covid-19 shock has affected Singapore's domestic-oriented industries more severely than in past recessions, so economic recovery will likely take longer, the Monetary Authority of Singapore (MAS) said on Wednesday (Oct 28). The rebound in the third quarter was also aided by the Government's budgetary support measures. He forecast a deficit of around 2.1% to 2.5% of Singapore's GDP. 2 The COVID-19 pandemic has affected many Singaporeans. Singapore has recorded 59,759 cases of Covid-19 and 29 deaths. SINGAPORE banks are easing their worst outlooks on bad debt, as loan relief is scaled back amid growing optimism on economic recovery this year. SINGAPORE has recorded its first month-on-month decline in international arrivals since the Covid-19 pandemic hammered global travel last year. Singapore-style commitment to getting Hong Kong ready to face its post-pandemic future. Singapore is widely praised as one of the countries that reacted quickly and effectively to contain the COVID-19 pandemic. While the world economy will recover to grow by 6.2 per cent in 2021, it will still be about 4 per cent below the level projected before the Covid-19 shock. Singapore, 07 May 2020 - DBS is pressing ahead with its efforts to support the digital transformation of Singapore’s logistics sector amid the Covid-19 situation, launching today the DBS Logistics Purchasing Card (“DBS P-Card”) – Singapore’s first cashless purchasing card [1] for the logistics sector. As the world starts to slowly pivot from COVID-19 crisis management to recovery and reopening of economies, it is clear that international travel is unlikely to resume to pre-pandemic The Ministry of Social and Family Development (MSF) will launch the COVID-19 Recovery Grant (CRG) on 18 January 2021 to support lower- to middle-income employees and self-employed persons (SEPs) who are financially impacted by COVID-19. Asia's COVID recovery: Vietnam's breakout moment. Schools in Sharjah will be 100% online from 14 February Sharjah, UAE has announced 100 per cent distance learning for all private and public schools beginning 14 February until 28 February, reports Khaleej Times. By late-March and April, COVID-19 clusters … This compares with an average contraction of 6.1 per cent across the previous recessions. Early cases were primarily imported until local transmission began to develop in February and March. It said the economy will post above-trend growth for 2021 due to the effects of the low base in 2020. Economists are divided on how much deficit the government can afford to incur so early into its term. SINGAPORE has recorded its first month-on-month decline in international arrivals since the Covid-19 pandemic hammered global travel last year. The selected business-to-business startups will help SAP’s customers extend the value of their investments in SAP Concur solutions for travel and expense management. Singapore's Covid-19 economic recovery team criticised for excluding sustainable business voices, women The city-state's Emerging Stronger Taskforce, which aims to 'reimagine' the post-Covid economy, features establishment industry figures.