Hanoi (VNA) – Singapore has announced an enhanced support package worth approximately 1 billion SGD (778 million USD) to help alleviate rising energy cost pressures on households and businesses, driven by ongoing tensions in the Middle East.
The package includes boosting the corporate income tax rebate announced in February to 50% from 40%, subject to a cap, as well as a 200 SGD increase in a cost-of-living payment for eligible Singaporeans.
As reported by Bloomberg, Singapore, which relies heavily on imported natural gas for power generation, is particularly vulnerable to swings in global energy markets, with recent disruptions adding to cost pressures.
Singaporean Prime Minister Lawrence Wong has announced the government is stepping up contingency planning, including convening a crisis ministerial committee to assess risks and ensure energy security.
Deputy Prime Minister Gan Kim Yong said that economic growth will likely take a hit this year as Singapore braces for higher inflation and electricity prices, while the country’s top diplomat separately warned markets have yet to factor in the worst-case scenario of the Middle East conflict.
The country in February upgraded its economic forecast and expected GDP to expand 2% - 4%, compared with an initial estimate of 1% - 3%./.
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