Chapter 13 Impact of Recession. Asian Economic Crisis Started in Thailand External debt and NPL Spillover to Indonesia, Korea and Japan Malaysia : FX.

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Presentation transcript:

Chapter 13 Impact of Recession

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

Impact on Singapore Retrenchment in 1998 NTUC help: Job match

Committee on Competitiveness Recommendations Reduce business costs Maintain investor confidence Build capability, more productive Seek new markets Form strategic alliances

Human and Intellectual Capital Maximise domestic manpower Attract foreign talent

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

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

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

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

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

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

NTUC Relief Package Price reduction FairPrice INCOME Foodfare Childcare Healthcare Choice Homes Thrift NTUC Club Vouchers

SARS Relief MeasuresImpact ($m) Tourism-related 1. Property tax rebate (commercial)56 2.Property tax rebate (hotel) 8 3. Reduce foreign worker levy 2 4. TV licence rebate (hotel) 2 5. Cess rebate20 6. Bridging loan (tourismSMEs)10 7. Increased training grant57

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