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The
package includes an additional payment of up to S$200 for 2.5
million adult Singaporeans, just under half of its population,
to be disbursed in December.
The package, which comes on top of the additional S$1.5 billion
in support announced in June, is geared towards those in the
lower and middle income bands.
Inflation in August eased to 3.4% from 5.5% in January and
February.
The ministry in a statement said that while inflation had come
down from its peak, "households are still dealing with the
impact of price increases in various areas".
Economists are generally expecting the central bank to keep
monetary policy settings unchanged in a scheduled review next
month, on a weak growth outlook and still-elevated but easing
inflation.
The ministry narrowed its GDP growth forecast to 0.5% to 1.5%
this year from 0.5% to 2.5% previously. The economy grew 3.6% in
2022.
"Economic growth has been sluggish, but we do not expect a
recession this year. However, the risks are weighted on the
downside, and there could be disruptions to food and energy
supplies globally," Deputy Prime Minister and Finance Minister
Lawrence Wong told a news briefing, in remarks shared by the
government.
(Reporting by Xinghui Kok; Editing by Martin Petty)
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