Extraordinary Budget 2020! What You Need To Know For Families

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Risk of recession mentioned by PM Lee because of COVID-19

“I can’t say whether we will have a recession or not.

It’s possible, but definitely our economy will take a hit,”

This was what PM Lee told reporters on Friday (Feb 14) during a visit to Changi Airport Terminal 3.

The impact, particularly in the next few quarters, will be significant as the country battles a “very intense outbreak”, he said.

“It’s already much more than Sars, and the economies of the region are much more interlinked together. China, particularly, is a much bigger factor in the region,” he added.

Source: Coronavirus: Impact on economy already exceeds Sars, recession possible

Retail industry and Tourism industry hit REALLY HARD!

The tourism industry is among the hardest hit sectors.

Already, the government is bracing itself for tourist arrivals to drop by between 25 and 30 per cent this year. (stated in post above)

MBS is the best example to see the impact of COVID-19 on tourism

Below is an image taken at MBS around 7pm! SERIOUSLY NOBODY!

Chinatown is also a classic example to see the impact of COVID-19 on the retail industry!

I have a family member operating a business there in People’s Park Centre and traffic has been the MOST empty in years.

It used to be bustling with chinese foreign workers who would be doing remittance and buying things to send back to China.

But now, it has all evaporated. As of 8pm, the whole mall looks almost empty.

What about Peoples park food centre?

Chinese workers used to dine and eat 重庆烤鱼 and 麻辣汤 with MANY MANY bottles of china TSINGTAO beer.

Used to be TOTALLY PACKED! But now… =(

At TheAstuteParent, we’d be focusing on the benefits to families and citizens. Most of us are not business owners so these following points are really for you!

Click on this link to see Budget 2020 infographics!

1) Care and Support Cash

#1: Up to $300 for all singaporeans aged 21 and above

#2: Additional $100 for each parent with a child age 20 and below.

This is free cash! Fully details out in future.

2) Additional GST Voucher – U Save + S&CC rebates

Double the GSTV – U Save for eligible HDB households.

If you are not familiar with GST Voucher, click here.

Eligible Singaporean households living in HDB flats will receive rebates to offset between 1.5 and 3.5 months of Service and Conservancy Charges (S&CC) charges.

3) GST will not be raised till at least 2022!

Super good news!

The dreaded 9% GST will take place somewhere in 2022 to 2025! 

To read more, visit https://www.theastuteparent.com/2020/02/budget-2020/

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