Global crisis and recession 4 Economic situation and prognosis for Singapore 7

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B.Resilience Package

Keeping jobs, building for the future

1.The Government will implement a major fiscal package in response to this crisis. We are likely to experience the deepest recession in the Singapore economy since our independence, arising from the worst global economic decline in 60 years.
2.Budget 2009 will deliver a Resilience Package totalling $20.5 billion this year, to help Singapore see through this period of exceptional difficulty. The Package aims to save jobs to the maximum extent possible in the recession, and to help viable companies stay afloat. It also prepares Singapore to emerge with strength when the global economy recovers, and enhances our capabilities and competitiveness for the long term.
3.The Resilience Package will not get us out of the recession, as long as the global economy continues to contract. But it will help avert an even sharper downturn, and more lasting damage to the economy.
4.The Government will keep a close watch on the global situation and its impact on Singapore. We remain ready to undertake further measures if necessary over the course of the year and the next few years.

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