SINGAPORE - As governments around the world moved to contain the coronavirus by imposing lockdowns and shuttering businesses, the Ministry of Finance (MOF) had to quickly adjust last year's five Budgets.
By adapting to the crisis, Singapore averted a deeper economic recession, and prevented its unemployment rate from spiking by a further 1.7 percentage points.
In its interim assessment of the impact of key Covid-19 Budget measures released on Thursday (Feb 11), the ministry said the pandemic demanded a coordinated response across the public health, economic and social domains.
The Government in turn responded with a strategy to protect lives, livelihoods and provide social support, it said. "The mix of measures was continually fine-tuned to help Singapore adapt to the rapidly changing situation."