Singapore govt announces additional US$802mil to ease cost of living

  • Economy
  • Thursday, 28 Sep 2023

SINGAPORE: Singapore's finance ministry on Thursday announced an additional S$1.1 billion ($802 million) to help households handle increases in the cost of living.

The package includes an additional payment of up to S$200 for 2.5 million adult Singaporeans, just under half of its population, to be disbursed in December.

The package, which comes on top of the additional S$1.5 billion in support announced in June, is geared towards those in the lower and middle income bands.

Inflation in August eased to 3.4% from 5.5% in January and February.

The ministry in a statement said that while inflation had come down from its peak, "households are still dealing with the impact of price increases in various areas".

Economists are generally expecting the central bank to keep monetary policy settings unchanged in a scheduled review next month, on a weak growth outlook and still-elevated but easing inflation.

The ministry narrowed its GDP growth forecast to 0.5% to 1.5% this year from 0.5% to 2.5% previously. The economy grew 3.6% in 2022.

"Economic growth has been sluggish, but we do not expect a recession this year. However, the risks are weighted on the downside, and there could be disruptions to food and energy supplies globally," Deputy Prime Minister and Finance Minister Lawrence Wong told a news briefing, in remarks shared by the government. - Reuters

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Singapore , subsidy , cost of living , wage


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