HIGHLIGHTS-Singapore unveils 2021/2022 budget proposals

Singapore expects its gross domestic product to grow 4% to 6% this year. The budget focused on accelerating structural changes, moving away from last year's broad-based emergency support measures for the economy.

The following are some highlights from Singapore's budget proposals delivered by Finance Minister Heng Swee Keat in parliament on Tuesday. The plan comes a day after Singapore reported its worst ever recession in 2020, although the economy shrank less than initially estimated. Singapore expects its gross domestic product to grow 4% to 6% this year.

The budget focused on accelerating structural changes, moving away from last year's broad-based emergency support measures for the economy. S$24 BILLION SET ASIDE OVER THREE YEARS FOR FIRMS AND WORKERS -- "The efforts will span several years, but it is crucial that we start today. This builds on the momentum of the transformation push started five years ago, when we launched our Industry Transformation Maps," the finance minister said.

S$11 BLN SET ASIDE FOR COVID-19 RESILIENCE PACKAGE -- To address immediate needs to safeguard public health and re-open safely -- To support workers and businesses where needed -- To target support for sectors that are still under stress