Singapore could get second stimulus: Financial Times

Singapore could get second stimulus: Financial Times

Singapore may get a boost following its worst ever economic performance – a staggering 19.7 percent slump in the first three months of this year compared with the last quarter, unprecedented since the government began compiling such data in 1976. The Financial Times says:

The poor economic data could set the stage for a much-discussed second stimulus package on top of a S$20.5bn (US$13.7bn) programme announced in January.

Lee Hsien Loong, the prime minister, said: “The crisis will eventually pass, but we will not be back to the situation before 2007. This is therefore an opportune time for the government to review our policies and strategies.”

Currently Malaysia has a bigger stimulus package than Singapore, according to the Wall Street Journal. Malaysia is spending $18.5 billion or 9.3 percent of its gross domestic product (GDP) while Singapore is spending $13.6 billion or 8 percent of its GDP. In GDP terms, Singapore has the third biggest stimulus package in the region, smaller only than China’s and Malaysia’s.

South Korea has the second biggest stimulus package in absolute terms, worth $53.1 billion, but in GDP terms it is the fourth biggest, at 6.8 percent.

China is spending $586 billion or 12 percent of its GDP.

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