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Strategies for Economic Recovery During Recession and Crisis in Singapore

Explore the impact of recession, Asian economic crisis, ways to reduce business costs, attract foreign talent, and support domestic manpower in Singapore. Learn about government initiatives, incentives for employers, and assistance programs for affected individuals.

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Strategies for Economic Recovery During Recession and Crisis in Singapore

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  1. Chapter 13 Impact of Recession

  2. Asian Economic Crisis • Started in Thailand • External debt and NPL • Spillover to Indonesia, Korea and Japan • Malaysia : FX control

  3. Impact on Singapore • Retrenchment in 1998 • NTUC help: Job match

  4. Committee on CompetitivenessRecommendations • Reduce business costs • Maintain investor confidence • Build capability, more productive • Seek new markets • Form strategic alliances

  5. Human and Intellectual Capital • Maximise domestic manpower • Attract foreign talent

  6. Domestic Manpower • Continuing education • Developing executives • Women and older persons • Job re-design

  7. Attracting Foreign Talent • Reduce cost of living: housing • International schools • Reduce recruitment cost • Foreign worker policy

  8. Labour Govt fees Taxes Household rebates Telecom Industrial land Transport Utilities Cost Cutting Package

  9. Cut in CPF rate Many people affected: • Provide bridging loan • HDB Assistance scheme • Reduce payment, reschedule

  10. Boost economy Help companies cut cost Help retrenched workers Incentives for employers July 2001 Off-budget Package

  11. October 2001Off-budget Package • Tax & fee rebates • Assist local enterprises • Property measures • Infrastructure • Employment assistance • New Singapore shares

  12. FairPrice INCOME Foodfare Childcare Healthcare Choice Homes Thrift NTUC Club Vouchers NTUC Relief PackagePrice reduction

  13. SARS Relief

  14. Courage Fund • Launched April 2003 • Rallying point for people to help SARS victims • Support for healthcare workers • Government: $1 million + dollar for dollar matching

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