Deputy Prime Minister and Finance Minister Heng Swee Keat will be making a ministerial statement on Monday (Aug. 17).

According to Heng, he will be providing more details on how the government will evolve, and how they will extend their support for workers and businesses during the ongoing Covid-19 crisis.

The statement will be delivered at 3:30pm, and will be carried on CNA, CNA938, and Mediacorp MeWatch.

Situation could get worse

In a Facebook post, Heng said that the global economy has taken a very severe hit, and that the situation could get worse.

He also said that Singapore experienced its worst quarterly GDP performance on record in the second quarter, despite the close to S$100 billion provided by the government over the four Budgets.

Heng warned Singaporeans that Singapore is likely to see more job losses and retrenchments in the coming months, and that it will be "many more months" before Singapore's economy recovers fully.

He also stated that there is a likelihood that recovery across industries is likely to be "uneven and uncertain", as Singapore gradually re-opens its economy.

"Many sectors are gradually regaining their footing as economic activities resume. A few sectors are growing and even hiring. But several sectors have been very hard-hit and are unlikely to recover for some years to come," said Heng.

Government cannot sustain the same level of support indefinitely

According to Heng, the government will continue to provide support to the public, but they will have to "evolve and taper" the support provided.

He said that the government will continue to provide targeted support to sectors that are hardest hit, including helping them pivot to new opportunities in growth areas.

"We will continue to support our workers and firms through this crisis. But we are not able to sustain the same level of support indefinitely," said Heng.

You can see Heng's Facebook post here:

Top image via Heng Swee Keat/FB.