Korea & Singapore Digs Deep!!

Singapore is not the only country digging deep to support its economy during the COVID-19 season, with South Korea announcing its third supplementary budget, one that is 35.3 trillion won (S$40.4 billion) in size, the largest of the budgets. This raises the total stimulus to 270 trillion won (14% of Korea's GDP) for an economy facing its worst growth challenge since the 1998 Asian financial crisis.

The latest budget aims not only to protecting jobs and to provide discount coupons to boost consumption, but also to develop a vaccine for the virus, something Korea's scientists have been rushing to research. More loans will also be made to small and medium-sized businesses that are hit by slumping sales. 

As a comparison, Singapore had announced its SGD$33 billion 'Fortitude Budget'  a few weeks back with a chief focus on 'jobs' - both creation and protection. Singapore also has its scientists and companies working on a coronavirus vaccine, but experts estimate that it may take up to a year to formulate, and the supplementary budget does not explictly state that funding will be given to these efforts. 

We're in this together, so let us hunker down and beat this situation for good!

If you would like to read 5 key points about Phase 2 of the Circuit Breaker in Singapore, click here!