Economic Impact of COVID-19 on Singapore and its Policy Response

ambarish — Thu, 13 Aug 2020 18:15:46 +0000

Singapore’s economy is expected to be adversely affected by COVID-19 pandemic in 2020. The growth of real gross domestic product (GDP) of Singapore is expected to shrink, unemployment level to increase and current account balance to decline due to COVID-19 this year. As of 13^th Aug 2020, Singapore had 5,66,109 confirmed COVID-19 cases out of which 4,26,125 people have recovered from the disease while 10,751 have lost their lives.

This blog post covers economic impact of COVID-19 pandemic along with fiscal, monetary and containment policy measures taken by Singapore government under following sections –

Impact of COVID-19 on Singapore Economy in 2020
COVID-19 Containment Measures of Singapore
COVID-19 Related Fiscal Policy Measures by Singapore
COVID-19 Related Monetary Policy Measures by Singapore

1. Impact of COVID-19 on Singapore Economy in 2020

Singapore’s real gross domestic product (GDP) was SGD 446.63 billion in 2019 and due to COVID-19 outbreak it is estimated to decrease by 12.6% to be around SGD 390.35 billion in 2020.

Singapore’s unemployment rate was 2.25% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the...

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