As DPM Heng Swee Keat announced in his Budget speech today, the FY2020 budget deficit was 13.9% of GDP, the largest ever. This was what we needed, to keep Singaporeans safe and protect their livelihoods during COVID-19.
This year, we will continue to help Singaporeans and businesses through the $11 billion COVID-19 Resilience Package. Although we are again running a deficit, it is much smaller – only 2.2% of GDP. Things are gradually returning to normal.
While grappling with the pandemic, we must not neglect the future. Hence the Budget has many items that build our capabilities and competitiveness. When the sun shines again, we must be ready to seize the new opportunities.
This “can do” spirit helped us overcome the last financial crisis. With the resilience that our people have shown this time, I am confident that we can do it again.
Find out more about the Budget here: www.singaporebudget.gov.sg
– LHL
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