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Resident unemployment could have doubled if not for COVID-19 support measures in 2021: MOF

SINGAPORE: COVID-19 support measures knocked off 4 proportion factors from the projected resident unemployment charge final yr, the Ministry of Finance (MOF) mentioned on Thursday (Feb 17).

The resident unemployment charge could have hit 7.5 per cent final yr with out support measures from the Government, the ministry mentioned in a report assessing the impression of key COVID-19 Budget measures over two years.

Instead, it fell to three.5 per cent in 2021, a distinction of 4 proportion factors, MOF mentioned. For 2020, support measures chipped 2 proportion factors off the projected unemployment charge, from 6.1 to 4.1 per cent. 

Government support over 2020 and 2021 helped to buttress each the GDP and labour market, lowering the impression of the COVID-19 pandemic on the economic system, mentioned the report.

MOF estimated that Budget measures, together with “accommodative” financial coverage, supported Singapore’s actual GDP progress by 0.8 proportion factors in 2021, elevating it from 6.8 per cent to 7.6 per cent.

It estimated that the economic system had carried out higher by 6.6 proportion factors in 2020, regardless of a yr of detrimental progress (-4.1 per cent). That means GDP would have fallen by greater than 10 per cent with out the support measures.



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