Financial Times, 23 Jan 2009, John Burton
Singapore unveiled a S$20.5bn stimulus package yesterday as the wealthy city-state confronts its worst post-war recession, with the economy expected to shrink up to 5 per cent this year.
"The resilience package will not get us out of recession. But it will help avert an even sharper downturn and more lasting damage to the economy," said Tharman Shanmugaratnam, the finance minister.
The programme's main aim is to save jobs and prevent the current unemployment rate of 2.2 per cent doubling, according to economists. A sharp increase in the jobless rate could provoke a political backlash against the People's Action party government, which celebrates its 50th anniversary in power this year.
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