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1. Rising COVID-19 infections across and globe and ASEAN


The rising number of COVID-19 infections have prompted the governments of the Philippines, Malaysia, Thailand, Indonesia and Singapore to implement partial lockdowns. The total number of infections globally surpassed 3.7 million while the number of deaths exceeded 250,000 as of 8 May 20201. As of the same date, the number of COVID-19 cases in ASEAN are as follows:

2. Economic fallout and grim growth projections


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  • a) In response to the rising cases, many countries have imposed measures such as restricting air travel, postponing major events including sporting events, and the closing of non-essential businesses. This led to severe economic tsunamis around the world.
  • Global economyGlobal tradeChina's economy

    • The United Nations Conference on Trade and Development (UNCTAD) estimates a slowdown in the global economy to below 2.0% in 2020 and will probably cost around US$1 trillion.2

    • The World Trade Organization (WTO) estimates global trade is set to fall by between 13% and 32% in 2020 with recovery expected in 2021 but dependent upon the duration of the pandemic and effectiveness of policy responses.3
    • Almost all regions will experience double-digit declines in trade volumes in 2020, with exports from North America and Asia hit the hardest.4

    China’s economy was hit hard by COVID-19 which originated from Wuhan, the capital of Hubei province.

    • Preliminary data released in mid-March by the National Bureau of Statistics of China showed a decline of 13.5% in industrial output during the January-February 2020 period compared to a year earlier.5
    • During the same period, retail sales fell 20.5%.6
    • Fixed-asset investments declined 24.5%.7

  • b) In Southeast Asia, the economic impact from COVID-19 is already being felt, particularly by countries that are heavily dependent on trade and tourism.
    SingaporeThailandIndonesiaVietnamMalaysiaThe PhilippinesCambodiaMyanmar

    • At the end of March, the Ministry of Trade and Industry (MTI) cut its 2020 growth forecast to a range of -4.0% to -1.0%8, from an earlier estimate of -0.5% to 1.5% it announced in February.9
    • Advance estimates from MTI showed Singapore’s economy contracted 2.2% year-on-year in the first quarter of 2020.10
    • Hotels were only half-filled in February 2020, resulting in a 40% decline in room revenues. According to the Singapore Tourism Board (STB), the standard average occupancy rate in February was 51.0%, a sharp decline from 83.1% in January. In contrast, the average occupancy rate was 88.5% in February 2019.11 The drop in demand led to issues with profitability and cash flow sustainability for many businesses.

    • In March, Thailand‘s central bank slashed the country’s GDP growth for 2020 from an earlier estimate of 2.8% to a contraction of 5.3%, noting that the forecast did not, however, take into account monetary and fiscal policy to support economic growth.12
    • The country’s foreign tourist arrivals fell by 42.8% from a year earlier to 2.06 million in February 2020. The number of Chinese tourists plunged as much as 85% year-on-year in February as China’s government restricted travel and locked down some cities.13

    • Indonesia’s Finance Minister Sri Mulyani Indrawati said on 1 April that its economy is projected to grow 2.3% in 2020, revised from the previous estimate of 5.7%.14
    • Thousands of workers have been laid-off in Central Java (24,249), West Java (5,047) and North Sulawesi (1,275).15
    • Data from a digital payment startup revealed that the food and beverage industry suffered a significant decrease in daily earnings, with Surabaya in East Java and Bali being the two cities with the biggest fall in daily earnings at 25% and 18 % respectively.16

    • Vietnam’s GDP expanded by 3.82% in the first quarter of 2020, its lowest in 10 years, according to the General Statistics Office. Overall, all sectors expanded at a lower pace due to stagnation in major economies and disruptions to global supply and demand brought upon by the pandemic.17
    • A survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI) revealed that 35,000 businesses stopped operations in the first quarter of 2020 with the COVID-19 pandemic cited as the main reason. 18
    • More than 75% of the companies surveyed by VCCI said they would need to reduce their workforce, 10% said they would need to fire half of their workforce while 1% of the companies surveyed said they intended to increase their workforce. This could result in the loss of millions of jobs in the coming months.19
    • Da Nang City saw nearly 1,000 businesses either dissolved or stopped operations due to difficulties related to COVID-19 in the first quarter of 2020 while its tourism sector looks set to lose an estimated US$870 million and 35,000 jobs.20
    • In February 2020, Vietnam’s airlines recorded a 13.7% decline year-on-year in the number of passengers.21

    • Malaysia’s central bank projected in April the country’s GDP for 2020 to stand between -2.0% to 0.5%.22
    • In March, the government estimated its GDP for the January-February 2020 period to contract between 0.8%-1.2%, with the tourism, transport sectors and SMEs to be the most affected.23
    • According to the Malaysian Aviation Commission (MAVCOM), airlines operating in the country saw the cancellation of around 13.6 million seats, equivalent to 12.3% of annual scheduled operations.24

    • The Bangko Sentral ng Pilipinas (BSP), Central Bank of the Philippines, projects that the Philippine economy to go into a technical recession in 2020, which means the country will experience negative growth for at least two quarters25, while Finance Secretary Carlos Dominguez III estimates that the country’s GDP growth for 2020 to fall between 0% to -1%.26
    • According to the National Economic and Development Authority (NEDA), the pandemic would likely cut the country’s GDP by 0.5 to 1.0 percentage point and cause an estimated 30,000 to 60,000 job losses.27

    • Cambodia’s real economic growth for 2020 is projected to slow to 2.5%, according to the World Bank. The economic shock caused by the COVID-19 pandemic has significantly affected the country’s economy in all its major sectors: agriculture, tourism, garments, textiles and construction.28
    • Tourist arrivals in the first two months of 2020 decreased by 15%. In 2019, the kingdom welcomed 6.6 million tourists.29
    • Up to 10 factories file for temporary suspension at the beginning of March due to the disruption in the supply of raw materials from China.30

    • 37 factories have either laid off workers or stopped operations either temporarily or permanently as of 22 March 2020 and as a result, nearly 17,000 workers in the Yangon region are out of jobs.31
    • Tourist arrivals at its three international airports fell 36% in February according to its Department of Civil Aviation.
    • The number of Chinese tourists, particularly, saw a drastic drop from the usual overage of 36,000 per week to just 2,000 per week.32

  • c) Projections by the Asian Development Bank (ADB) made in early March (Figure 1.2)33 and ASEAN+3 Macroeconomic Research Office (AMRO) mid-February (Figure 1.3)34 show that the economic impact from COVID-19 will hit some countries harder than others.



    Estimated impact of COVID-19 on the GDP of ASEAN economies

    • Cambodia is estimated to experience a cut in economic growth of 1.59%, the highest among all the ASEAN countries included in the forecast.
    • This is followed by Singapore and Thailand which are forecasted to experience economic growth cuts ranging between -1.11% and -0.57%.35
    • On the other hand, countries like the Philippines and Indonesia are estimated to experience a cut in economic growth ranging in between -0.30% and -0.09%.
    • The ADB forecast also shows Laos and Brunei with a cut in economic growth of -0.22% and -0.21% respectively.




    ASEAN countries estimated to be hit hard by the COVID-19 pandemic are those with large tourism sectors that had a high share of tourists from China and had a large proportion of goods exported to China.

    • In 2018, the share of goods exports to China made up more than a quarter of Vietnam’s GDP and more than 10% for Malaysia.
    • Singapore’s economic growth is projected to decrease by 0.72 percentage point, followed by Thailand (-0.43) and Malaysia (-0.33) due to the impact of COVID-19.
    • Indonesia’s economic growth is the least impacted with a projected decrease of -0.09 percentage point due to its greater domestic-demand orientation.


  • d) A more recent projection by the World Bank (Figure 1.4)36 showed the following economic impact for selected countries in East Asia.




    Figure 1.4 shows three scenarios:

    1. Growth achieved in 2019
    2. Baseline: which refers to a scenario of severe growth slowdown followed by a strong recovery
    3. Lower case: which refers to a scenario of a deeper contraction followed by a sluggish recovery.


    • The East Asia and Pacific region experienced a 5.8% growth in 2019, which is expected to decline to 2.1% under a baseline scenario and contract -0.5% under the lower case scenario.
    • Most of the ASEAN countries shown in the chart follows this trend; some still projected to experience strong growth while others are estimated to suffer significant contractions under the lower case scenario.
    • China is also projected to mirror the trend as well, with economic growth falling to 2.3% under baseline and 0.1% under lower case.
    • In the baseline scenario: Vietnam, Laos, the Philippines and Myanmar register economic growth of between 3.0%-4.9%, the highest among ASEAN countries listed while Malaysia and Thailand are the only ASEAN countries in the chart that are expected to contract at -0.1% and -3.0%, respectively.
    • Lower case scenario: All ASEAN countries in the chart except Cambodia, Vietnam and Laos, will see their economies contract with Malaysia and Thailand experiencing the deepest contraction of -4.6% and -5.0% respectively.
    • Under the lower case scenario: Indonesia fares well during the baseline scenario with a 2.1% growth but contracts by -3.5%.
    • Under both scenarios:
      • Vietnam, Cambodia, Malaysia, and Thailand are likely to be affected by the fall in external demand for manufacturing exports and the disruption in the supply chains into which they are integrated.
      • The decline in tourism revenues will also affect countries in which tourism revenues constitute more than 10% of their GDP in Cambodia, Laos, Malaysia, the Philippines, and Thailand.
      • The plunge in commodity prices will affect Indonesia, Laos, Malaysia, Myanmar, Thailand and Vietnam.
      • The Philippines, with its large population of overseas foreign workers (OFWs) will also be affected by the decline in remittances.

  • e) In early March, UN’s trade and development agency, UN Conference on Trade and Development (UNCTAD) projected that a “doomsday scenario” as a result of the COVID-19 pandemic will result in 0.5% world economic growth, and will cost the world economy US$2 trillion in 2020.37

  • f) According to Kristalina Georgieva, managing director of the International Monetary Fund (IMF), the world is already in a recession, and it could turn out to be as bad or worse than the Global Financial Crisis in 2009. The IMF, however, projects a recovery in 2021 if the “world succeeds in containing the virus everywhere and prevents liquidity problems from becoming a solvency issue.38


3. Fiscal Measures


To counter the severe economic effects of the COVID-19 outbreak that is already being felt on the economy, several ASEAN countries have come up with fiscal measures including stimulus packages focusing on several priority areas. It is estimated that as of 19 March, fiscal support from governments around the world totaled US$1.9 trillion.39


ASEAN Countries’ Fiscal Measures


Figure 1.6: Intensity of ASEAN Countries’ Fiscal Measures by Monetary Value (US$)



As of 8 May 2020, the absolute value of stimulus packages allocated by ASEAN countries is as the following:

Thailand leads the pack with US$74 billion, followed by Malaysia (US$60 billion), Singapore (US$44 billion), Indonesia (US$27 billion), Vietnam (US$12.2 billion), the Philippines (US$3.9 billion), Cambodia (US$2 billion), Brunei (US$313 million) and Myanmar (US$360 million) in stimulus package allocation.



Table 1.1: Fiscal measures implemented by ASEAN countries

Click on the country names to expand and collapse the tables.


Malaysia

Country Malaysia
GDP 2018 GDP (current): US$359.6 billion
Total package to date US$60 billion (RM260 billion)
Timeline and value Announced Relief Package Value
1. 27 February 2020 US$4.64 billion (RM20 billion)
2. 16 March 2020 US$142.88 million (RM620 million)
3. 23 March 2020 US$9.6 billion (RM41 billion)
4. 27 March 2020 Comprehensive stimulus package US$58 billion (RM250 billion)
(includes 1, 2 and 3)
5. 6 April 2020 Special stimulus package for MSMEs US$2.3 billion (RM10 billion)

TourismWorkforceTaxBusinessHealthcareHouseholdEducationElectricity & InternetFood SecurityOthers

Announcement 1

  1. Reduction in rental for tenants, landing charges and parking fees at airports
  2. Postponement of monthly income tax deductions for tourism-related firms
  3. Service tax breaks for hotels from March-August 2020.



Announcement 1

  1. National retirement fund deduction: to be reduced to 7% from 11% from April to December 2020.

Announcement 2

  1. US$27.65 million allocated to workers given no-pay leave from 1 March 2020.

Announcement 3

  1. Withdrawals from Retirement Fund: US$112.78 a month for 12 months beginning April 2020.

Announcement 4

  1. Private retirement scheme (PRS) withdrawals: up to US$345 (RM1,500) without any tax penalties from April to December 2020.
  2. Special allowance for COVID-19 frontliners:
    • Monthly allowance for doctors, nurses and medical staff: US$46 increase to US$138
    • Special allowance for military, police, customs, civil defence and RELA members who are directly involved in enforcing the Movement Control Order (MCO): US$46 per month
  3. One-off cash assistance civil servants, including contract workers (More than 1.5 million): US$115 (RM500)
  4. One-off cash assistance for 850,000 government pensioners: US$115 (RM500) per eligible recipient
  5. Wage subsidy scheme worth US$1.36 billion (RM5.9 billion)
    • Government will provide a salary of US$138 (RM600) per month to every employee for 3 months.
    • This programme is eligible to workers earning less than US$919 (RM4,000) and employers experiencing more than 50% decrease in their income since 1 January 2020.
  6. Salaries for 80,000 workers of service contractors working in schools, public higher learning and training institutions as well as other government agencies, including statutory bodies, during the MCO period: US$25.4 million (RM110) million allocation
  7. Employer Advisory Services (EAS) programme for SMEs/Employers
    • Options for deferral of payments, restructuring and rescheduling of employer contributions.
    • The measure is expected to provide cash flow to employers estimated at US$2.30 billion (RM10 billion), benefitting over 480,000 SMEs and affected companies while securing more than 8 million jobs.
  8. Payment exemption of Human Resources Development Fund (HRDF) levy for all sectors for a period of six months beginning April 2020, with expected total savings of US$101.55 million (RM440 million).

Announcement 5

  1. Enhancement of wage subsidy scheme worth US$1.36 billion (RM5.9 billion) to US$3.2 billion (RM13.8 billion), provided the employers must retain their staff for at least six months:

    Number of employees Wage subsidy scheme benefit
    1-76 US$277 (RM1,200) subsidy
    76-200 US$184 (RM800) subsidy
    More than 200 US$138 (RM600) subsidy
    (maximum number of workers increased from 100 to 200)



Announcement 1

  1. Import duty and sales tax exemption of machinery and equipment used in ports for three years from April 2020.

Announcement 4

  1. Postponement of income tax instalment payments to all SMEs for a period of 3 months beginning April 2020. Other affected sectors are allowed to revise the amount of income tax imposed in the third, sixth and ninth instalments during the basic accounting period.



Announcement 1

  1. Disbursement of micro credit loan at 4% interest rate worth US$46.15 million (RM200 million)
  2. Guaranteed financial aid for SMEs worth US$461.54 million (RM2 billion)
  3. Banks to postpone or reschedule payments
  4. Grants for local e-commerce platform providers of between US$230.79 (RM1,000) and US$2,307.52 (RM10,000)
  5. Listing fee waivers for companies wanting to list on certain markets
  6. One-off cash assistance or taxi drivers, tourist bus drivers, tourist guides and registered trishaw drivers: of US$138 (RM600)

Announcement 4

  1. Six-month lease exemption on all premises owned by the Federal Government and its agencies and statutory bodies such as school canteens, nurseries, cafeterias, convenience stores and others.
  2. One-off cash assistance of US$115 (RM500) to 120,000 e-hailing drivers with a total allocation of US$13.85 million (RM60 million).
  3. Special Relief Facility (SRF) for SMEs increased by US$692.43 million (RM3 billion) bringing the total US$1.15 billion (RM5 billion), with the interest rate of the entire fund reduced from 3.75% to 3.50%.
  4. All Economic Sector Facility funds increased by US$230.82 million (RM1 billion) to US$1.57 billion (RM6.8 billion) to enhance access to financing for SMEs.
  5. Additional funds of US$115 million (RM500 million) under the Micro Credit Scheme, to a total of US$161.6 million (RM700 million) for soft loans
    • Administered by Bank Simpanan Nasional at 2% interest rate with no collateral.
    • Loan eligibility requirements relaxed to a minimum of 6 months of operation compared to 1 year of operation.
    • Maximum financing amount increased from US$11,500 (RM50,000) to US$17,300 (RM75,000) for each entrepreneur.
    • Open to micro-entrepreneurs in all business sectors including child-care centres, taxi and bus operators as well as the creative industry and online traders.
  6. Financing up to US$69,200 (RM300,000) under BizMula-i and BizWanita-i schemes of the Credit Guarantee Malaysia Berhad (CGC) for SMEs with business records of less than 4 years.
  7. US$1.15 billion (RM5 billion) worth of guarantees and increased guarantee coverage from 70% to 80% for SMEs that face difficulties in obtaining loans.
  8. Six-month moratorium of bank loans extended to loans provided by TEKUN, MARA and cooperatives as well as other government agencies providing financing to SMEs beginning April 2020.
  9. Social donations to be channeled to B40 micro-entrepreneurs from collaboration between Islamic financial institutions, the state Islamic religious council and key stakeholder partners. First phase of collaboration to begin in May 2020.
  10. Provision of US$11.54 billion (RM50 billion) guarantee scheme with a guarantee of up to 80% of the loan amount for the purpose of financing working capital requirements for all viable businesses in all affected sectors. The minimum guaranteed loan size is US$4.62 million (RM20 million) per business and will be available from May to December 2020 or until the fund is fully utilised.
  11. US$462 million (RM2 billion) allocated for the continuation of small projects such as improving roads, upgrading dilapidated schools in Sabah and Sarawak, cleaning houses of worship and police stations as well as upgrading tourism facilities that will benefit G1 to G4 class contractors. This is in addition US$462 million (RM2 billion) allocated for small infrastructure projects scheduled to begin in April 2020.
  12. Continued implementation of all projects allocated in the 2020 Budget including ECRL, MRT2 and the National Fiberisation and Connectivity Plan in line with the government’s focus to ensure the sustainability of economic growth.

Announcement 5

  1. Special grant totaling US$481 million (RM2.1 billion) for 700,000 eligible micro enterprises.
  2. Abolishment of the 2.0% interest rate for the US$114 million (RM500mil) Micro Credit Scheme under Bank Simpanan Nasional.
  3. Micro loan scheme worth US$46 million (RM200 million) for micro businesses extended to Tekun Nasional with a maximum loan limit of RM10,000 per company at no interest
  4. Rental waiver or discount for SME retail premises owned by government-linked companies.
  5. Reduction in foreign worker levy by 25% for all companies in which the workers’ permits expire from 1 April to 31 December 2020.



Announcement 3

  1. US$112.78 million (RM500 million) allocated to the Ministry of Health for purchases of medical equipment.
  2. US$22.56 million (RM100 million) allocated to the Ministry of Health for the hiring of 2,000 staff on contract basis.

Announcement 3

  1. An allocation of US$229.78 million (RM1 billion) to procure equipment and services to contain COVID-19, which include obtaining medical expertise from private healthcare services.
  2. A special fund by the insurance and takaful industry worth US$1.84 million (RM8 million) to cover the cost of COVID-19 testing at private hospitals of up to RM300 per policy holder.
  3. A 3-month suspension of premiums for insurance and takaful policy holders affected by the pandemic.
  4. Claim income replacement fee of US$11.5 (RM50) per day for a maximum of 14 days for hospitalised patients who are mySalam policy holders. This benefit is also extended to B40 patients under investigation who are quarantined.



Announcement 1

  1. Assistance for the lower income group (B40):
    • Cash handout brought forward from May to March 2020

Announcement 4

  1. Assistance for the lower income group (B40):
    • Remaining cash transfer to B40 group totalling US$735.55 million (RM3.2 billion) will be paid out in July 2020.
    • One-month rental exemption for government housing Project Perumahan Rakyat (PPR) extended to 6 months with a cost of US$691,000 (RM3 million) borne by the government.

  2. One-off cash assistance totaling US$2.3 billion (RM10 billion) for the middle income group (M40):



    Monthly Income Cash Assistance
    Less than US$919 (RM 4,000) US$368 (RM1,600)
    US$919 (RM4,000) – US$1,838 (RM8,000) US$230 (RM1,000)
    Singles aged 21 and above
    Less than US$460 (RM2,000)
    US$184 (RM800)
    Singles aged 21 and above
    US$460 (RM2,000) – US$919 (RM4,000)
    US$115 (RM500)

  3. Vulnerable groups:
    • Government to work with NGOs and social entrepreneurs to provide food assistance, healthcare and shelter worth US$5.75 million (RM25 million) to vulnerable groups such as the elderly and children in shelters, the disabled and the homeless.

  4. Six months’ rental exemption for rent-to-own (RTO) units effective April 2020 totalling US$1.31 million (RM5.7 million).



Announcement 3

  1. Extension of national education loan payment deferment from three months to six months’ worth US$172.36 million (RM750 million).

Announcement 4

  1. Six months’ loan payment deferment (Apr-Sep 2020) of Skills Development Fund Corporation (PTPK) borrowers worth an estimated US$34.3 million (RM149.2 million).
  2. A total amount of US$61 million (RM270 million) to be disbursed to students (US$46 (RM200) each) at various levels of tertiary education, including matriculation and community colleges, polytechnics as well as public and private higher learning institutions.


Announcement 1

  1. Temporary discount of up to 15% on electricity bills for hotels, tourism agencies, airlines and shopping centres.

Announcement 2

  1. Nationwide 2% electricity discount for industrial, commercial and individuals.

Announcement 4

  1. US$122.4 million (RM530) million allocated for a tiered-discount for six months beginning April 2020 with rates according to electricity usage with a maximum limit of 600 kilowatt per month.
    • 50% discount for electricity consumption below 200 kilowatts
    • 25% discount for electricity consumption between 201 – 300 kilowatts
    • 15% discount for electricity consumption between 301 – 600 kilowatts
  2. Free internet to all customers with a value of US$122.4 million (RM600 million) starting 1 April 2020 until the MCO ends.
  3. A sum of US$92.3 million (RM400 million) to be invested to widen the network coverage and capacity, maintaining stable, high quality and availability of telecommunication services.


Announcement 4

  1. An allocation of US$230.74 million (RM1 billion) for the Food Security Fund to ensure food supply remains sufficient.
  2. US$23 million (RM100 million) for the development of infrastructure for food storage and distribution as well as crop integration programme.
  3. A total of US$1.5 million (RM64.4 million) allocated for special funds of between US$23,000 (RM100,000) and US$46,000 (RM200,000) to each eligible farming and fisheries areas to develop short-term agrofood projects that can generate income within 3 to 6 months, ensuring sufficient food supply.



Announcement 3

  1. US$29.32 million (RM130 million) to be channeled to state governments.



Singapore

Country Singapore
GDP 2018 GDP (current): US$364.2 billion
Total package to date US$44 billion (S$63 billion)
Timeline and value Announced Relief Package Value
1. 18 February 2020 Stabilisation and Support US$3.6 billion (S$6.4 billion)
2. 26 March 2020 Resilience Budget US$33.7 billion (S$48 million)
3. 6 April 2020 Solidarity Budget US$3.6 billion (S$5.1 billion)
4. 21 April 2020 US$2.7 billion (S$3.8 billion)

TourismWorkforceTaxBusinessHouseholdHealthcare

Package 1

  1. Property tax rebate for hotels, serviced apartments and meeting venues (30%); cruise terminals (15%); and integrated resorts (10%).
  2. Rebates on aircraft landing and parking charges, as well as rental rebates for shops and cargo agents at Changi Airport.
  3. Temporary bridging loans.
  4. Full-month rental waiver for government hawker centres and markets.



Package 1

  1. Jobs Support Scheme worth US$915.53 million (S$1.3 billion):
    • Employers will receive an 8% cash grant on the gross monthly wages of each local employee on their Central Provident Fund payroll during October-December 2020. This is subject to a monthly wage cap of US$2,500 (S$3,600) per worker. Payment to the employers will be made by end-July.
  2. Wage Credit Scheme worth US$774.69 million (S$1.1 billion):
    • Co-funding of wage increases for Singaporean employees earning a gross monthly wage of up to S$4,000.
    • Government co-funding levels will be increased by 5 percentage points to 20% and 15% for 2019 and 2020.
  3. Enhancement of Adapt and Grow initiative whereby the funding period for reskilling of workers will be extended from three months to a maximum of six months.
  4. A one-off $500 top-up to the SkillsFuture account of every Singaporean aged 25 and above. Mid-career workers aged between 40 to 60 years will receive an additional $500 top-up on top of this, to help them reskill.
  5. More than 35,000 enterprises will receive US$7,077 (S$10,000) each in SkillsFuture Enterprise Credit to defray business transformation, job redesign and skills training costs.

Package 2

  1. The enhancement of Jobs Support Scheme to US$10.6 billion (S$15.1 billion)
    • Co-funding of wages for every local worker to be expanded from 8% to 25%. Heavily impacted sectors will receive higher co-funding ranging from 50% to 75%.
    • Monthly qualifying wage ceiling raised from US$2,500 (S$3,600) to US$3,200 (S$4,600).
    • Scheme to be extended by another two quarters to until end-2020.
  2. US$842.8 million (S$1.2 billion) allocation for direct cash assistance under the Self-Employed Person Income Relief Scheme (SIRS).
  3. US$33.71 million (S$48 million) for the extension of a training support scheme, with hourly training allowance increased to US$7 (S$10).
  4. Higher payouts under an enhanced one-off Workfare Special Payment for the lower-income group.
  5. Two new initiatives, an SGUnited Traineeships programme and an SGUnited Jobs Initiative, that aims to create 10,000 jobs over the next one year.
  6. Relaxation of criteria for those applying for ComCare scheme, which provides those who fall into financial hardship with assistance.
  7. Temporary relief fund to be set up in April 2020 to provide immediate financial assistance to those in need, while a separate COVID-19 Support Grant will provide low- and middle-income workers who’ve lost their jobs with a monthly grant of US$562 (S$800) for three months.

Package 3

  1. Further enhancement of Jobs Support Scheme so that all companies will receive 75% of wage support for local employees, up from 25% previously. The first payout under the scheme is also brought forward to April 2020.
  2. Monthly foreign worker levy in April 2020 to be waived.
  3. Employers will receive a US$520 (S$750) foreign worker levy rebate for each work permit or S pass holder, based on past levies paid in 2020.
  4. The extension of the Self-Employed Person Income Relief Scheme (SIRS) to automatically include self-employed persons who also earn a small income from employment work.

Package 4

  1. The government will be extending its 75% wage support of local employees to May 2020. This scheme will support 1.9 million workers.
    • For most companies outside the tourism and aviation sector, the wage support will revert back to 25% from June 2020 until the end of 2020.
  2. Waiver of monthly foreign worker levy extended till May 2020.


Package 1

  1. Corporate tax income rebate worth US$281.71 million (S$400 million) for the year of assessment 2020 at a rate of 25% of tax payable, and capped at S$15,000 per company.
  2. Several enhancements to tax schemes under the corporate tax system.



Package 1

  1. Enhancement to the Enterprise Financing Scheme’s Working Capital Loan component. Examples include:
    • The maximum loan quantum will be doubled from S$300,000 to S$600,000.
    • The government’s risk-share will be increased to 80%, from the current 50% to 70%.

Package 2

  1. Automatic deferment of income tax payments for companies and the self-employed for three months.
  2. Property tax rebate to be enhanced with a higher amount and to cover more properties.
  3. Property tax waiver for the year 2020 for eligible commercial properties badly affected by the pandemic, including hotels, serviced apartments, tourist attractions, shops and restaurants.
  4. Property tax rebate of 30% for businesses in other non-residential properties, such as offices and industrial properties.
  5. Rental waivers for stallholders in government-managed hawker centres extended from one month to three months.
  6. Enhanced access to credit through various financing schemes, such as the Enterprise Financing Scheme – SME Working Capital Loan, Loan Insurance Scheme and the Temporary Bridging Loan Programme.
  7. More than US$702 million (S$1 billion) allocation for sectors such as tourism and aviation.
  8. A separate enhanced aviation support package totaling US$246 million (S$350 million) that includes rebates on landing and parking charges, and rental relief for airlines, ground handlers and cargo agents.
  9. Enhanced version of the Jobs Support Scheme for tourism-related industries and an additional US$63 million (S$90 million) set aside to help the sector rebound.
  10. Enhanced version of the Jobs Support Scheme for the food sector.
  11. Point-to-Point Support package to be extended and enhanced to support taxi and private-hire car drivers, to cost the government US$67 million (S$95 million).
  12. US$39 million (S$55 million) support package for the arts and culture sector so as to save jobs, support upskilling and digitisation in the sector.
  13. Capacity-building efforts worth US$1.33 billion (S$1.9 billion) that includes matching S$1 for every S$2 raised by Trade Associations and Chambers or business groups for qualifying initiatives.
  14. Enhancement of the SMEs Go Digital Programme and the Productivity Solutions Grant.

Package 3

  1. Businesses and individuals will be allowed to defer certain contractual obligations such as rent.
  2. The government will increase the rental waiver for industrial, office and agricultural tenants of government agencies from half-month to one month.



Package 1

  1. Care and Support Package worth US$1.1 billion (S$1.6 billion) which includes:
    • A one-off cash payout ranging from S$100 to S$300 for every Singaporean aged 21 and above.
    • A further S$100 payout for every adult Singaporean with at least one Singaporean child aged 20 and below in 2020.
    • A one-off GST voucher to all eligible HDB households.
    • Extension of the Service and Conservancy Charges Rebate by another year.
    • A Workfare Special Payment and S$100 in grocery vouchers for two years for lower-income Singaporeans.

Package 2

  1. Care and Support Package extended to US$3.3 billion (S$4.6 billion) and includes:
    • Cash handouts given to adult Singaporeans for daily expenses to be tripled to US$211 (S$300).
    • The amount for parents with at least one Singaporean child aged 20 and younger in 2020 increased to S$300 from S$100.
    • Grocery vouchers for lower-income Singaporeans increased to S$300 from S$100.
  2. A moratorium on all government fees and charges for a year until March 2021, as well as all loan repayment and interest charges for a year for graduates who have taken a government loan for their university and polytechnic studies.


Package 3

  1. All adult Singaporeans above 21 years old will receive a one-off Solidarity Payment of US$420 (S$600) in cash, consisting of the S$300 announced in the Care and Support package announced in February 2020 and an additional S$300.
  2. Other cash payouts announced under the Care and Support Package, will also be brought forward to June, instead of August 2020.


Package 1

  1. An allocation of US$566 million (S$800 million) to support front-line agencies fighting the COVID-19 outbreak.



Thailand

Country Thailand
GDP 2018 GDP (current): US$505.1 billion
Total package to date US$74 billion / THB 2.4 trillion
Timeline and value Announced Relief Package Value
1. 10 March 2020 US$12.47 billion (THB 400 billion)
2. 24 March 2020 US$3.57 billion (THB 117 billion baht)
3. 7 April 2020 US$58 billion (THB 1.9 trillion baht)

WorkforceTaxBusinessHouseholdHealthcare

Package 1

  1. Soft loans given by the Social Security Office worth US$928.85 million (THB 30 billion) to promote employment.
  2. SMEs can use expenses incurred by salary payments to claim deductions of up to three times from April to July 2020.

Package 2

  1. Workers covered under the Social Security Fund will get increased unemployment compensation up to 50% of salaries.
  2. For the 3 million workers outside the social security system:
    • Cash handouts worth US$1.37 billion (THB 45 billion)
    • Soft loans worth US$1.8 billion (THB 60 billion) as well as tax breaks
  3. Tax exemption on risk payments for medical workers.
  4. Training for income earners.



Package 1

  1. Withholding tax to be reduced from 3% to 1% from April to September 2020.
  2. Government to offer higher tax benefits to attract more public investment in SSF.

Package 2

  1. Corporate income tax filing extended to August and September 2020.
  2. Filing of other taxes for affected operators extended by three months.
  3. Filing of excise tax by service businesses extended by one month.
  4. Filing of excise tax for oil products operators extended to the 15th of the following month for three months.
  5. Exemption of import duty for products related to the prevention and treatment of COVID-19.
  6. Exemption of taxes and fee cuts for debt restructuring with non-financial institution creditors.



Package 1

  1. Soft loans worth up to US$4.64 billion (THB 150 billion) to be lent by the Government Savings Bank to allow commercial lenders to give out loans with a 2.0% interest rate.
  2. Moratorium on principal payments, debt payment extensions and the right to borrow from selected financial institutions
  3. SMEs and general customers allowed to restructure their debts without affecting their credit history.
  4. Government to invest more than 65% from the Super Savings Fund (SSF) in companies listed on the Stock Exchange of Thailand.

Package 2

  1. Small firms to be offered US$305 million (THB 10 billion) worth of loans and deferment of business tax payments for companies to help boost their liquidity.
  2. Loans up to US$92,000 (THB 3 million) for SMEs at 3.0% interest rate in the first two years.

Package 3

  1. US$12.2 billion (THB 400 billion) for economic and social rehabilitation projects aimed at creating jobs, strengthening communities and building community infrastructure.
  2. The provision of US$15.3 billion (THB 500 billion) worth of soft loans with a 2.0% annual interest rate to SMEs, with a credit line of not more than US$15.3 million (THB 500 million) each.
  3. The setting up of the US$12.2 billion (THB 400 billion) Corporate Bond Liquidity Stabilization Fund (BSF) that would allow the central bank to buy corporate bonds to keep liquidity flowing.



Package 2

  1. US$305 (THB 10,000) emergency loan per person at 0.1% monthly interest with no collateral.
  2. US$1,500 (THB 50,000) special loan per person at 0.35% monthly interest with collateral.
  3. State-owned pawnshops to charge a lower rate of 0.125% a month.
  4. Personal income tax filing extended to August 2020.

Package 3

  1. A portion of US$18.3 billion (THB 600 billion) as financial aid for affected people. This includes US$150 (5,000 baht) monthly handouts to an estimated 9 million self-employed and laid-off people affected by the outbreak, which will be extended from three months previously to six months.



Package 2

  1. Health insurance premiums deduction increased from US$460 (THB 15,000) to US$760 (THB 25,000).

Package 3

  1. A portion of US$18.3 billion (THB 600 billion) for the implementation of health-related plans.



Indonesia

Country Indonesia
GDP 2018 GDP (current): US$1.04 trillion
Total package to date US$26.36 billion (IDR 438.3 trillion)
Timeline and value Announced Relief Package Value
1. 25 February 2020 First stimulus package US$742.60 million (IDR 10.3 trillion)
2. 13 March 2020 Second stimulus package US$1.53 billion (IDR 22.9 trillion)
3. 7 April 2020 Third stimulus package US$24.6 billion (IDR 405.1 trillion)

TourismWorkforceTaxBusinessHouseholdHealthcareOthers

Package 1

  1. An allocation of US$29.20 million (IDR 443.4 billion) for airlines and travel agents that would allow them to provide 30% discounts on air fares for three months.
  2. An allocation of US$18.9 million (IDR 298.5 billion) will be used as an incentive to bring in foreign tourists to visit one of Indonesia’s 10 most popular destinations.
  3. Exemption for certain taxes paid to regional governments for restaurants and hotels for six months, government to provide US$217.32 million (IDR 3.3 trillion) to cover the shortfall in regional budgets.
  4. Government to convert US$9.66 million (IDR 147 billion) of fiscal transfers that have not yet been assigned to support tourism.
  5. Reduction in jet-fuel prices by state energy company Pertamina and cut in airport charges by two state airports for three months.



Package 2

  1. Tax exemptions for six months for manufacturing workers with annual income below US$13,151.55 (IDR 200 million).



Package 2

  1. Corporate and individual tax breaks and relaxation of loan disbursement and restructuring requirements.
  2. Corporate income tax rate reduced by 30% for six months.
  3. Deferred income tax payments for six months for 19 manufacturing industries.
  4. Expedited repayments of overpaid tax; no limit set for exporters, but US$316,000 (IDR 5 billion) limit set for non-exporters



Package 3

  1. US$4.3 billion (IDR 70 trillion) for tax incentives and micro loans.
  2. The 3% reduction in corporate income tax (CIT) to 22.0%, initially planned for 2021, brought forward.
  3. VAT refunds to be accelerated.
  4. SMEs, as well as micro businesses, will be eligible for the microcredit scheme.
  5. A six-month moratorium on micro loans will be given to businesses affected by the outbreak.



Package 1

  1. A 30% increase in subsidies for basic needs for 15.2 million poor households for six months’ worth US$302.92 million (IDR 4.6 trillion).
  2. State property financing programme covering 175,000 homes to be expanded by US$98.87 million (IDR 1.5 trillion).

Package 2

  1. US$6.7 billion (IDR 110 trillion) to strengthen the social safety net which includes:
    • 100% discount on electricity bills for all customers in the 450VA category and 50% for 7 million customers in the 900VA category for three months.
    • Expansion of the conditional cash handouts (Family Hope Programme) from 9.2 million households to 10 million households.
    • Expansion of non-cash food aid from 15.2 million recipients to 20 million recipients with an increase in disbursement from US$9 (IDR 150,000) per month to US$12 (IDR 200,000) per month for the next nine months.
    • Doubling of the allocation for pre-work cards to US$1.2 billion (IDR 20 trillion) to provide coverage for 5.6 million laid-off workers, informal workers and micro and small businesses.



Package 3

  1. US$4.6 billion (IDR 75 trillion) allocation for healthcare spending.



Package 2

  1. Non-fiscal stimulus package measures:
    • Reduction in the number of goods prohibited for import.
    • Import restrictions to be simplified for raw materials, including steel and alloy steel as well as several food commodities including sugar.
    • Import regulations to also be simplified for animal, medicine and food imports.
    • Acceleration of export and import processing and licensing.



The Philippines

Country The Philippines
GDP 2018 GDP (current): US$330.9 billion
Total package to date US$3.93 billion (PHP 227.1 trillion)
Timeline and value Announced Relief Package Value
1. 16 March 2020 US$532 million (PHP 27.1 billion )
2. 24 March 2020 US$3.39 billion (PHP 200 billion)

TourismWorkforceBusinessHouseholdHealthcare

Package 1

  1. US$203 million (PHP 14 billion), or 51.6% of the package, for various programmes and projects under the Department of Tourism (DOT) to support the tourism industry.



Package 2

  1. US$59 million (PHP 3 billion) to fund the “upskilling and reskilling” of temporarily displaced workers.
  2. US$39 million (PHP 2 billion) to be used for wage subsidy or financial support for “vulnerable” affected workers and establishments.
  3. US$24 million (PHP 1.2 billion) from the Social Security System (SSS) to cover unemployment benefits.



Package 1

  1. US$20 million (PHP 1 billion) for loans to affected micro, small, and medium enterprises (MSMEs).
  2. US$55 million (P2.8 billion) for the provision of zero-interest loans to small farmers and fisherfolk.
  3. A one-year moratorium without interest on payments of outstanding loan obligations of small farmers and fisherfolk borrowers to US$40 million (PHP 2.03 billion).



Package 2

  1. Two months of cash subsidies to 18 million families. Under the programme, eligible households are expected to receive cash transfers of between US$99 (PHP 5,000) and US$160 (PHP 8,000) a month.



Package 2

  1. US$44.8 million (PHP 3.1 billion) in additional funding for efforts to slow the spread of COVID-19 and for the purchase of test kits.



Vietnam

Country Vietnam
GDP 2018 GDP (current): US$245.2 billion
Total package to date US$12.16 billion / VND 277 trillion
Timeline and value Announced Relief Package Value
1. 3 March 2020 US$1.16 billion (VND 27 trillion)
2. 6 March 2020 Credit package for businesses US$11 billion (VND 250 trillion)

TourismBusiness

Package 2

  1. Ministry of Culture, Sports and Tourism to:
    • Strengthen tourism promotion activities at the national level.
    • Coordinate with tourism associations to create and implement the domestic travel promotion programmes.
    • Enhance communication and promotion work to attract international travelers.



Package 1

  1. The speeding up of state spending on infrastructure projects.
  2. The government is considering delaying the tax payment deadline by five months for businesses impacted by COVID-19. This would be worth US$974 million (VND 23 trillion) in taxes from businesses in agriculture, textiles, footwear, automotive, aviation, electronics, food processing, and tourism sectors, among many others. Additionally, another US$129 million (VND 3 trillion) in income taxes and value-added taxes is owed during this period.

Package 2

  1. The State Bank of Vietnam will work with credit institutions to:
    • Facilitate access to capital.
    • Strengthen the administrative procedure reforms.
    • Shorten review time for lending dossiers.
    • Restructure loan repayment and consider reducing interest rates and fees for clients under adverse effects of the COVID-19 outbreak.
    • Continue implementing measures to strengthen cashless payment.



Cambodia

Country Cambodia
GDP 2018 GDP (current): US$24.5 billion
Total package to date US$800 million – US$2 billion
Timeline and value Announced Relief Package Value
1. 6 March 2020 US$800 million – if crisis lasts 6 months
US$2 billion – if crisis lasts longer than a year

TourismWorkforce

Package 1

  1. Tax breaks have been announced for tourism businesses.



Package 1

  1. Reserves from good economic growth over the last five years will be used to pay workers affected by factory suspensions.



Myanmar

Country Myanmar
GDP 2018 GDP (current): US$71.2 billion
Total package to date US$360 million (MMK 500 billion)
Timeline and value Announced Relief Package Value
1. 18 March 2020 US$70 million (MMK 100 billion)
2. 27 April 2020 The COVID-19 Economic Relief Plan (CERP) US$360 million (MMK 500 billion)

Business

Package 1

  1. Priority sectors recognised for assistance: cut-make-and-paste (CMP) (garment and manufacturing), hotel and tourism businesses, as well as small and medium-sized enterprises owned by local businesspeople.
  2. The interest rate on loans provided to the priority sectors will be only 1.0% with a loan period of one year. The rate and period will be reviewed later after the economic impact of the virus outbreak can be assessed.
  3. Eligible businesses can make their quarterly income tax and monthly commercial tax payments by 30 September 2020 instead of the original date of 31 March for the second quarter and 30 June for the third quarter for income tax.
  4. Exemption from 2.0% advance income tax on exports until 30 September 2020.


Package 2

  1. Provision of low-interest loans for small businesses in tourism and garment manufacturing to be increased to US$360 billion (MMK 500 billion) by the end of 2020.
  2. The Ministry of Planning, Finance and Industry (MoPFI) will guarantee half of any new loans made by banks to Myanmar enterprises generating a turnover of up to US$720,000 (MMK 1 billion) currently not under any other government spending schemes.
  3. Waivers on specific goods tax, customs duties and commercial tax for critical medical supplies related to the prevention, control and treatment of COVID-19.
  4. MoPFI will cooperate with other ministries to promote investments in renewable energy projects and strategic infrastructure projects before the end of 2020.
  5. Cash or lending support will be provided to smallholder farmers who have lost sales revenue or remittance income to support input purchases in time for monsoon planting.
  6. A central e-commerce website where retail businesses can sell their products online will be launched before the end of 2020, to promote the usage of e-payments.
  7. From 1 May 2020 onwards, bank deposit rates will be reduced to a minimum of 5% and lending rates will not exceed 10% for collateralised loans.



Brunei

Country Brunei
GDP 2018 GDP (current): US$13.6 billion
Total package to date US$313 million (BND 450 million)
Timeline and value Announced Relief Package Value
1. 21 March 2020 US$139 million (BND 200 million)
2. 31 March 2020 US$174 million (BND 250 million)

BusinessHousehold

Package 1

  1. Six-month deferment of Employees Trust Fund (TAP) and Supplementary Contributory Pension (SCP) contributions applicable to micro, small and medium enterprises (MSMEs) in all sectors for local workers earning US$1,062 (BND 1,500) and below.
  2. The government will contribute to the SCP fund of self-employed workers for six months to ensure the workers will continue to have survivorship fund protection.
  3. MSMEs in four sectors (tourism, hospitality (including hotels and registered lodging houses), food and beverage as well as air and water transport) will get 30% rental fee discount from government buildings and corporate tax discount of up to 50% to help reduce their costs. The MSMEs will also enjoy a 15% cut on water and electricity bills.
  4. Extension of i-Ready apprentices’ contract for up to six months, specifically for interns whose contract ends before September 2020.

Package 2

  1. Deferment of principal payment of loans or financing for all sectors. The postponement will begin from the date of application approval until 31 March, 2021. Companies may apply for Suspension and Restructuring at their banks or financial institutions between 1 April and 30 December, 2020.



Package 2

  1. Restructuring and deferring principal amounts on personal loans and hire purchase facilities such as car loans or financing for not more than 10 years.
  2. Provision of deferment of principal amount or financing for real estate.
  3. Restructuring the outstanding credit card balance to loans for a period of not more than three years for individuals affected in the private sector only including the self-employed, but this measure will not increase the credit card limit amount during the three-year period and all bank fees and charges, except for third party charges, will not be applied.
  4. The postponement will begin from the date of application approval until 31 March, 2021. Individuals may apply for Suspension and Restructuring at their banks or financial institutions between 1 April and 30 December, 2020.



Laos

Country Laos
GDP 2018 GDP (current): US$17.9 billion
Total package to date N/A
Timeline and value Announced Relief Package Value
1. 20 March 2020 Stimulus package adopted in principle

Business

Package 1

  1. 13-measure package as presented by the Ministry of Planning and Investment.
  2. Details not yet disclosed as of 23 March 2020; the Ministry of Planning and Investment to work with other relevant ministries to revise the measures in accordance with recommendations made by members of the cabinet.
  3. The finalised measures will be submitted to the Prime Minister’s Office for Prime Minister Thongloun Sisoulith to sign before coming into effect.




Major Economies’ Fiscal Measures


Table 1.2: Fiscal measures implemented by major economies

Click on the country names to expand and collapse the tables.


China

Country China
GDP 2018 GDP (current): US$13.6 trillion
Total package to date US$369 billion (RMB 2.6 trillion)
Timeline and value Relief Package as of Value
1. 9 April 2020 US$369 billion (RMB 2.6 trillion)

WorkforceBusinessHealthcare

  1. Accelerated disbursement of unemployment insurance.

  1. Tax relief and waived social security contributions.

  1. Increased spending on epidemic prevention and control.
  2. Production of medical equipment.


US

Country US
GDP 2018 GDP (current): US$20.5 trillion
Total package to date US$2.5 trillion
Timeline and value Announced Relief Package Value
1. 27 March 2020 US$2 trillion
2. 21 April 2020 US$484 billion

BusinessHouseholdHealthcare

Package 1

  1. US$500 billion in loans and other assistance for major companies, including:
    • US$62 billion for the airline sector, as well as cities and states struggling with virus-related financial burdens.
    • US$350 billion in aid for small businesses.

Package 2

  1. US$320 billion for the Paycheck Protection Program (PPP), which provides forgivable loans to small businesses that keep employees on the payroll for eight weeks.
    • US$30 billion of the PPP loan funds will be allocated for banks and credit unions with US$10 billion to US$50 billion in assets and another US$30 billion for even smaller institutions
  2. US$60 billion in loans and grants for an Economic Injury Disaster Loan programme, which makes farms and ranches eligible for the loans.



Package 1

  1. US$1,200 direct payments to middle- and low-income American adults, plus $500 for each child.



Package 1

  1. Hospitals to receive US$117 billion in assistance.
  2. Unemployment insurance to be increased to US$600 per week, on top of existing state benefits.

Package 2

  1. US$75 billion for hospitals:
    • A significant portion aimed at those in rural areas
    • US$25 billion for virus testing and includes:
      • US$18 billion for states, localities, territories, and tribes to conduct COVID-19 tests,
      • US$1 billion for the Centers for Disease Control and Prevention
      • US$1.8 billion for the National Institutes of Health
      • US$1 billion for the testing of the uninsured



Italy

Country Italy
GDP 2018 GDP (current): US$2.1 trillion
Total package to date US$820 billion (€750 billion)
Timeline and value Announced Relief Package Value
1. 7 April 2020 US$820 billion (€750 billion)

WorkforceBusinessHealthcare

  1. US$11.1 billion (€ 10.3 billion) to preserve jobs and support income of laid-off workers and self-employed.

  1. US$6.9 billion (€ 6.4 billion) worth in measures to support businesses, including tax deferrals and postponement of utility bill payments in most affected municipalities.
  2. US$5.5 billion (€ 5.1 billion) in measures to support credit supply with the aim to unlock about US$378 billion (€ 350 billion (20% of GDP)) of liquidity for businesses and households.
  3. Guaranteed loans for businesses covering from 90%-100% of the debt for smaller businesses, 70%-80% coverage for larger firms and loaning up to US$875,000 (€800,000).
  4. Additional work taxes to be suspended for the next two months, costing the government up to US$10.9 billion (€10 billion).

  1. US$3.5 billion (€ 3.2 billion) to strengthen the Italian health care system and civil protection.


UK

Country UK
GDP 2018 GDP (current): US$2.8 trillion
Total package to date US$81.7 billion (£ 65.5 billion)
Timeline and value Announced Relief Package Value
1. 26 March 2020 US$81.7 billion (£ 65.5 billion)

BusinessHouseholdHealthcare

  1. US$22 billion (£18 billion) of fiscal loosening to support the economy in 2020.
  2. US$8.6 billion (£7 billion) to support the self-employed, businesses and vulnerable people.
  3. Businesses which employ fewer than 250 people will be entitled to government refunds on any sick pay they give to the employees over two weeks.
  4. Abolishment of business rates for tens of thousands of small and medium-sized which are likely to be damaged by a loss of footfall. This would provide each business with up to US$31,000 (£25,000) relief.
  5. A US$1.5 million (£1.2 million) “interruption loan” for small and medium sized businesses affected by the outbreak.
  6. Government to pay 80% of salaried employees’ wages up to a maximum of US$3,120 (£2,500) a month.
  7. Grants for the self-employed worth a total of US3.7 billion (£3 billion) a month for three months.
  8. Government to cover employers for the National Insurance and minimum auto-enrolment pension contributions of furloughed workers, saving firms US$374 (£300) a month per employee on average.

  1. An additional US$610 billion (£500 billion) for the welfare state and a hardship fund for local authorities.

  1. US$6.1 billion (£5 billion) emergency response fund to support the National Health Service (NHS) and other public services.


South Korea

Country South Korea
GDP 2018 GDP (current): US$1.6 trillion
Total package to date US$136.5 billion (KRW 166.4 trillion)
Timeline and value Announced Relief Package Value
1. 28 February 2020 US$13 billion (KRW 16 trillion)
2. 4 March 2020 US$9.5 billion (KRW 11.7 trillion)
3. 8 April 2020 US$44 billion (KRW 53.7 trillion)
4. 22 April 2020 US$70 billion (KRW 85 trillion)

WorkforceBusinessTaxHouseholdHealthcare

Package 2

  1. Workers who have lost their jobs will be re-trained.

Package 4

  1. Job protection schemes extended by US$8 billion (KRW 10 trillion).


Package 1

  1. Value-added tax payment for small business owners with less than US$49,000 (KRW 60 million) in annual sales will be reduced until the end of 2021.

Package 2

  1. US$2.4 billion (3.0 trillion won) to promote consumption and support job seekers.
  2. Loans with relaxed terms for affected exporters.
  3. US$2 billion (KRW 2.4 trillion) to help small merchants and SMEs.
  4. US$658 million (KRW0.8 trillion) to help local economies affected.
  5. Special support worth US$214 million (KRW260 billion) for Daegu City and North Kyeongsang Province, which had been hit by the COVID-19 outbreak.

Package 3

  1. US$29 billion (KRW 36 trillion) will be allocated to trade finance, expanding the insurance and guarantee caps:
    • The government will extend the maturity of trade insurance and guarantees within a ceiling of US$24 billion (KRW 30 trillion) in order to sustain the credit ratings of marginal companies.
    • Emergency liquidity worth US$4 billion (KRW 5 trillion) will be injected to help local companies expand overseas business amid a worldwide pump-priming trend.
  2. US$14 billion (KRW 17.7 trillion) will be used to stimulate local consumption.

Package 4

  1. US$32 billion (KRW 40 trillion) allocated for industries including carmakers, telecoms, airlines and shipbuilders.
  2. Emergency financial relief funds for small merchants extended by US$28 billion (KRW 35 trillion).
  3. The government will buy stakes in companies involved in public infrastructure or provide debt guarantees, as well as injecting more liquidity but will be conditional upon companies protecting jobs, advancing corporate restructuring and sharing profits with the public.



Package 1

  1. Doubling of the income tax deduction rate and the special consumption tax cut to generate tax benefits totaling US$178 million (KRW 220 billion) and US$380 million (KRW 470 billion), respectively.



Package 1

  1. Parents with children aged eight years and below who decide to take leave of absence due to temporary shutdowns of daycare facilities will be eligible for up to US$405 (KRW 500,000) in state support.



Package 2

  1. US$1.9 billion (KRW 2.3 trillion) for better disease control.



Japan

Country Japan
GDP 2018 GDP (current):US$5.0 trillion
Total package to date US$990 billion (¥108 trillion)
Timeline and value Announced Relief Package Value
7 April 2020 US$990 billion (¥108 trillion)

BusinessHouseholdNote

  1. Cash assistance for small businesses of up to US$18,350 (2 million yen).
  2. Deferral of required tax and social insurance payments.
  3. The provision of five-year interest-free loans to small businesses by private financial institutions.

  1. One-off payments of US$2,750 (¥300,000) for hard-hit households.

  1. The US$240 billion (¥26 trillion) December 2019 stimulus package is being used to offset the adverse impact of COVID-19 on the economy as well as counter the economic slowdown.



4. Analysis


​​Largest fiscal stimulus since the Global Financial Crisis for the G20

Most economies around the world have announced some form of stimulus package or fiscal measures to see them through the economic fallout caused by COVID-19.

  • As of 26 March 2020, the G20 reported fiscal measures totalling some US$5 trillion, equivalent to over 6% of the global GDP.40 This far exceeds the size of the fiscal stimulus allocated for the 2008-2009 economic crisis which amounted to US$2 trillion, or 1.4% of the world GDP at the time.41
  • An evaluation of countries’ fiscal measures implemented during the 2008-2009 economic crisis showed that those with larger stimulus packages (as a percent of GDP) performed relatively better in terms of GDP growth and employment recovery. However, past observation also revealed that a stimulus package needs to be timely, targeted and temporary for its implementation to be effective.42



Evolving fiscal measures by ASEAN governments – sustaining jobs, supporting businesses and strengthening healthcare

ASEAN countries have implemented travel restrictions and varying degrees of lockdowns in response to the pandemic, leading to a sharp decline in economic activity in the region.43 To counter the economic effects, ASEAN member states have all announced and put in place fiscal measures to cope with the economic impact of the COVID-19 outbreak.

Generally, most of the fiscal measures announced by ASEAN countries cover labour market measures, cash handouts to low-income individuals and households, tax cuts and relief for businesses. Due to the unprecedented public health crisis affecting the economy, countries like Malaysia, Singapore, Indonesia and The Philippines have allocated a portion of their fiscal measures towards healthcare spend.

  • a) Tourism sector grounded

    The tourism industry was heavily affected by the decreasing number of tourists, particularly from China, which was the epicentre of the pandemic during the period of January-February 2020.44

    Many ASEAN countries imposed travel restrictions to and from China which were later expanded to include other affected countries such as Japan and South Korea. Tourists from these countries made up a large share of tourist arrivals to ASEAN countries and the mass cancellations of flight tickets and hotel accommodations that ensued hit the tourism industry hard.45

    Singapore, Malaysia and Indonesia’s earlier stimulus packages included several types of incentives for the industry.

    • Singapore and Malaysia offered rental waivers46 or property tax rebates for hotels and tourism-related properties.47
    • Indonesia channeled funding to airlines and travel agents that would allow them to provide discounted rates.48
    • The Philippines allocated over half of its first stimulus announced in mid-March specifically for the tourism sector.49

  • b) Cushioning the loss of employee income

    As the pandemic progressed and more factories were shuttered, attention shifted to providing relief to employees that were forced to take no-pay leave and those relieved from their duties.

    • Under the enhancements to its Jobs Support Scheme, Singapore allocated US$10.6 billion to provide 8% to 25% of co-funding towards a portion of the local employees’ salary.50
    • Malaysia put aside US$1.36 billion as part of its three-month wage subsidy scheme for workers earning below US$919.51
    • Thailand is providing US$1.37 billion worth in cash handouts to 3 million workers not covered by its social security system.52
    • Some countries have also relaxed regulations that allow employers to defer pension contribution payments while some have even allowed employees to make withdrawals from their pension fund:
      • Brunei has imposed a six-month deferment of pension contributions for eligible MSMEs.53
      • Malaysia has allowed contributors to make monthly withdrawals of up to US$112.78 from their pension fund for 12 months.54

  • c) Ensuring household sufficiency

    Maintaining the consumers’ spending power is essential to keeping the economy running. The introduction of one-time or repeat cash assistance is a popular feature in most of the stimulus packages announced by ASEAN countries.

    • Indonesia is allocating US$6.7 billion to strengthen its social security net which includes expanding its conditional cash handouts from 9.2 million households to 10 million households.55
    • Aside from providing cash handouts to the lower-income group, Malaysia is also allocating US$2.3 billion for one-time cash handouts to the middle-income group,56 which makes up the other 40% of its population.
    • In its second stimulus package, Singapore tripled its cash handout to its population for daily expenses.57
    • Besides cash handouts, non-cash measures are also utilised to soften the impact of the economic slowdown. Indonesia increased its basic needs subsidies for 15.2 million households to 30% for six months.58 The republic also expanded non-cash food aid from 15.2 million recipients to 20 million recipients for nine months.59

  • d) Relief for businesses

    As one of the key contributors to GDP growth, the business sector has been adversely affected by the pandemic. Restrictions on movement and social distancing mean that labour supply, transport and travel are adversely affected. Trade has seen a steep decline particularly in sectors characterised by complex value chains such as electronics and automotive products. The services sector, on the other hand, has been hit hard by the closure of retail and hospitality establishments as a result of transports and travel restrictions.


    i) Tax cuts

    To ensure business survival, many countries moved to provide support in various forms to business owners. Most governments in ASEAN region moved to impose tax cuts, rebates or waivers in their respective relief packages:

    • Thailand extended the deadline for corporate income tax filings to August and September 2020.60
    • Singapore automatically deferred income tax payments for companies and the self-employed for three months. 61
    • In Malaysia, income tax payment for SMEs have been postponed for three months from the beginning April 2020.62
    • Indonesia brought forward a 3% reduction in corporate income tax that was initially planned for 2021.63



    Moratoriums and restructuring of bank loans were implemented to provide financial relief to businesses and consumers:

    • Indonesia has extended the loan payment deadlines for micro, small and medium-sized enterprises (MSMEs) by up to one year.64
    • Malaysia’s central bank, Bank Negara Malaysia, announced an automatic six-month moratorium on all loan payments for SMEs and individuals beginning April 2020. 65
    • The Philippines is providing US$55 million worth of zero-interest loans to small farmers and fisherfolk in addition to a one-year moratorium without interest on payments of outstanding loan obligations of small farmers and fisherfolk borrowers worth US$40 million.66



    ii) Stabilising the cash flow

    Despite the deferred tax period and moratorium, liquidity remains a tough issue for businesses. In the short term, most businesses still accrue overheads and operating expenses despite not being able to run business as usual. Stabilising cash flow became the most crucial measure by the governments.

    • Although its previous two stimulus packages included relief for businesses, the Malaysian government announced an SME-focused stimulus package worth US$2.3 billion on 6 April 2020 with measures that include:
      • A special grant totaling US$481 million (RM2.1 billion) for 700,000 eligible micro enterprises.
      • The abolishment of a 2.0% interest rate for the US$114 million (RM500mil) Micro Credit Scheme.67
    • Singapore specifically enhanced business’ access to credit, and allocated US$702 million for hard-hit sectors such as tourism and aviation.68 A separate US$247 million aviation support package was also introduced, consisting of landing and parking charges, rebates and rental relief for airlines, ground handlers and cargo agents.69
    • Vietnam announced a US$11 billion credit package for businesses that includes restructuring of loan payments and reduction in interest rates and fees for companies affected by COVID-19.70
    • Myanmar prioritised the garment and manufacturing sectors, hotel and tourism businesses, and locally-owned small and medium-sized enterprises to receive a loan with 1.0% interest rate for the duration of one year.71

  • e) Fighting COVID-19 with a strong healthcare system

    In order to contain the spread of COVID-19, governments are implementing transmissions control measures such as travel bans and lockdowns of varying degrees in order to “flatten the pandemic curve.” This goes hand-in-hand with measures to mitigate the related economic impact in order to “flatten the recession curve.” Countries like Singapore and South Korea learned from the 2003 SARS and 2015 MERS experience that early investments in infectious disease surveillance and response capacity can reduce the need to implement costly suppression measures.72 Several ASEAN countries have allocated significant amount of funding to boost its healthcare system:

    • Malaysia allocated US$112.78 million to the Ministry of Health for the purchase of medical equipment, and US$22.56 million for the hiring of 2,000 staff on a contract basis to support the health sector in its stimulus measures announced on 23 March. On 27 March, it allocated another US$230 million to procure equipment and services including obtaining medical expertise from private healthcare services.
    • Indonesia announced in its third stimulus package on 31 March, the allocation of US$4.6 billion for healthcare spending.
    • The Philippines government announced on 16 March, US$44.8 million worth of additional funding for the purchase of test kits and to fund efforts to slow the spread of COVID-19.
    • Although not included specifically in its stimulus packages, Singapore and Thailand channeled money towards COVID-19 treatment too.
      • Singapore allocated US$560 million towards efforts to contain the COVID-19 outbreak, most of which went to frontline agencies and its Ministry of Health.73
      • In Thailand, healthcare expenditure related to COVID-19 are covered under the country’s universal healthcare and in March, a US$107 million budget was sought from the contingency budget for COVID-19 treatment in the months remaining until the end of the fiscal year in October.74



5. Post-Pandemic Recovery


In the Special ASEAN Summit on Coronavirus Disease 2019 (COVID-19) held on 14 April 2020, ASEAN leaders reaffirmed its commitment to take collective action and coordinate policies in mitigating the economic and social impact from the pandemic and proposed the development of a post-pandemic recovery plan to share to restore ASEAN’s normal business and social activities, and prevent potential economic downturns.75 The economic ministers of all ASEAN countries should ensure the creation and implementation of the plan to ensure continued economic growth in the region.

In reality, ASEAN is still grappling with managing the COVID-19 health crisis, each at different stages in the pandemic. As of 20 April, Malaysia’s lead in the number of infection cases in the ASEAN region, has been surpassed by Indonesia, the Philippines and Singapore.

Indicatively, each ASEAN country will have different post-pandemic recovery strategies, depending on how well the pandemic is contained and hence affecting the extent of fiscal measures required for recovery. For now, only Singapore has a recovery plan in view while post-pandemic economic measures for many ASEAN member states remain to be seen.

Singapore has set aside US$1.3 billion for the eventual economic recovery post-COVID-19. Aside from helping businesses build long-term capabilities, the government will be matching US$0.70 (S$1) for every US$1.4 (S$2) raised by trade associations and chambers or business groups for qualifying initiatives.76

It is foreseeable that some member states which have announced substantive relief and stimulus measures may have to contend with budget deficits in 2020. Having sufficient foreign reserves would allow these countries to not depend on offshore borrowings. ASEAN countries need to be cautious of their budget deficits; Indonesia’s cap for its budget deficit was set at 3% of its GDP but with the third stimulus package, its budget deficit is expected to rise to 5.07% of its GDP.77

Wuhan in China, the initial epicentre of COVID-19 lifted its lockdown on 8 April after almost 11 weeks of lockdown. It is reported that the resumption of manufacturing activities in the city have resulted in the Purchasing Managers’ Index (PMI) rebounding to 52.0 by March 31st from a low of 35.7 in February 2020,78 indicating that with effective containment the reopening of the market is possible within three months.

Ultimately, in the absence of a vaccine, physical distancing would still define the new normal of “business as usual”. Long term relief for industries requiring more physical interaction such as travel, hospitality, tourism, retail, typically employing a substantial workforce, may need extended support from the government.

As for the MSMEs, if the pandemic lockdown prolongs, and unless market confidence is restored, many of the brick and mortar businesses will likely be wiped out. Unless these businesses are ready to migrate to online platforms with delivery service provided, these businesses will struggle to survive this pandemic tsunami. Equipping these businesses digitally in the shortest possible time would be the challenge for the ASEAN governments.

Footnotes

1 World Health Organization, “COVID-19 Situation Dashboard.”
2 UN News, “Coronavirus update: COVID-19 likely to cost economy $1 trillion during 2020, says UN trade agency,” March 9, 2020.
3 WTO, “Press release – Trade set to plunge as COVID-19 pandemic upends global economy,” April 8, 2020.
4 Ibid.
5 MarketWatch, “China’s industrial output, retail sales plummet,” March 15, 2020.
6 Ibid.
7 Ibid.
8 The Straits Times, “Singapore economy could be headed for its worst-ever contraction this year,” March 26, 2020.
9 Channelnewsasia,”Singapore cuts 2020 GDP forecast range to -0.5% to 1.5% due to COVID-19 outbreak,” February 17, 2020.
10 Ibid.
11 The Business Times, “Singapore hotels 51% full in Feb, room revenues drop 40%,” March 28, 2020.
12 Bangkok Post, “BoT predicts 5.3% GDP dive in 2020,” March 26, 2020.
13 Bangkok Post, “BoT says GDP to shrink until next year,” April 1, 2020.
14 Channelnewsasia, “Indonesia’s economic stimulus not enough to stop layoffs, focus should be to contain COVID-19: Experts,” April 3, 2020.
15 The Jakarta Post, “Tens of thousands of workers across Indonesia laid off because of COVID-19 outbreak,” April 8, 2020.
16 The Jakarta Post, “Food & Beverage industry hit hardest by COVID-19: Report,” March 27, 2020.
17 Viet Nam News, “Việt Nam’s GDP hits 10-year low in the first quarter,” March 28, 2020.
18 Viet Nam News, “Record number of businesses stop operations in Q1,” April 9, 2020.
19 Ibid.
20 Viet Nam News, “COVID-19 ravages economy of central Vietnam,” April 7, 2020.
21 The Star, “Businesses in Vietnam seek support amid Covid-19 losses,” March 3, 2020.
22 The Edge Markets, “BNM Annual Report 2019: Malaysia’s 2020 GDP growth projected at between -2% and 0.5%,” April 3, 2020.
23 The Edge Markets, “Malaysia’s Jan-Feb GDP to contract by 0.8%-1.2% as COVID-19 outbreak takes toll on economy,” March 13, 2020.
24 New Straits Times, “Airline operators in Malaysia indicate 13.6 mil seats cancellation,” April 8, 2020.
25 CNN Philippines, “Philippines braces for recession due to coronavirus,” April 9, 2020.
26 Rappler, “Philippines braces for recession due to coronavirus,” April 9, 2020.
27 BusinessMirror, “Pandemic presses PHL’s pain points: Problems, proposals,” March 19, 2020.
28 Khmer Times, “Kingdom’s growth ‘to drop to 2.5 percent’,” April 1, 2020.
29 Ibid.
30 New Straits Times, “Covid-19 hits Cambodian factories,” March 2, 2020.
31 Eleven, “Nearly 17,000 factory workers in Yangon lose jobs,” March 25, 2020.
32 Bloomberg, “Myanmar Says Air Passenger Numbers Diving Because of Coronavirus,” February 26, 2020.
33 Asian Development Bank, “The Economic Impact of the COVID-19 Outbreak on Developing Asia,” March 6, 2020.
34 ASEAN+3 Macroeconomic Research Office, “Analytical Note – The Impact of the Coronavirus Epidemic on the ASEAN+3 Economies,” February 17, 2020.
35 Asian Development Bank, “The Economic Impact of the COVID-19 Outbreak on Developing Asia,” March 6, 2020.
36 World Bank, “World Bank East Asia and Pacific Economic Update April 2020.”
37 UN News, “Coronavirus update: COVID-19 likely to cost economy $1 trillion during 2020, says UN trade agency,” March 9, 2020.
38 IMF, “Opening Remarks at a Press Briefing by Kristalina Georgieva following a Conference Call of the International Monetary and Financial Committee (IMFC),” March 27, 2020.
39 The Bangkok Post, “Virus Update: Stimulus reaches $1.9tn,” March 19, 2020.
40 IMF, “Opening Remarks at a Press Briefing by Kristalina Georgieva following a Conference Call of the International Monetary and Financial Committee (IMFC),” March 27, 2020.
41 ILO, EU, IILS, “A review of global fiscal stimulus – EC-IILS Joint Discussion Paper Series No. 5.
42 Ibid.
43 NPR, “Southeast Asian Nations Tighten Restrictions To Help Contain Spread Of Coronavirus,” March 22, 2020.
44 The Star, “WHO experts visit Covid-19 epicentre Wuhan,” February 24, 2020.
45 The ASEAN Secretariat, “ASEAN Policy Brief – April 2020.”
46 The Straits Times, “Singapore Budget 2020: $6.4 billion set aside to support businesses, families and agencies impacted by coronavirus outbreak,” February 18, 2020.
47 The Star, “Highlights of RM20bil stimulus package,” February 27, 2020.
48 Reuters, “UPDATE 1-Indonesia announces nearly $750 mln stimulus in response to coronavirus,” February 25, 2020.
49 BusinessWorld, “Government unveils P27-billion stimulus, but some say it’s not enough,” March 18, 2020.
50 Channelnewsasia, “COVID-19 Resilience Budget: ‘Landmark’ S$48 billion package to tide Singapore through ‘unprecedented’ crisis,” March 26, 2020.
51 New Straits Times, “PM’s full speech on Prihatin Economic Stimulus Package,”March 27, 2020.
52 Bangkok Post, “Cabinet approves B117bn stimulus,” March 24, 2020.
53 The Star, “Brunei rolls out added stimulus package for those affected by Covid-19,” March 31, 2020.
54 The Edge Markets, “Comprehensive Economic Stimulus Package to be announced on March 30 — Muhyiddin,” March 23, 2020.
55 CGS-CIMB, “Indonesia – Economics Update, ” April 1, 2020.
56 New Straits Times, “PM’s full speech on Prihatin Economic Stimulus Package,” March 27, 2020.
57 Channelnewsasia, “COVID-19 Resilience Budget: ‘Landmark’ S$48 billion package to tide Singapore through ‘unprecedented’ crisis,” March 26, 2020.
58 Reuters, “Update 1 – Indonesia announces nearly $750 million stimulus in response to coronavirus,” February 25, 2020.
59 CGS-CIMB, “Indonesia – Economics Update, ” April 1, 2020.
60 Bangkok Post, “Cabinet approves B117bn stimulus,” March 24, 2020.
61 Channelnewsasia, “COVID-19 Resilience Budget: ‘Landmark’ S$48 billion package to tide Singapore through ‘unprecedented’ crisis,” March 26, 2020.
62 New Straits Times, “PM’s full speech on Prihatin Economic Stimulus Package,” March 28, 2020.
63 CGS-CIMB, “Indonesia – Economics Update,” April 1, 2020.
64 The Jakarta Post, “Jokowi relaxes loan settlements to help small businesses cope with COVID-19 effects,” March 25, 2020.
65 The Edge Markets, “Six-month automatic moratorium on loans by individuals and SMEs,” March 25, 2020.
66 BusinessWorld, “Government unveils P27-billion stimulus, but some say it’s not enough,” March 18, 2020.
67 The Star, “Muhyiddin unveils RM10bil stimulus package for SMEs (updated),” April 6, 2020.
68 Channelnewsasia, “COVID-19 Resilience Budget: ‘Landmark’ S$48 billion package to tide Singapore through ‘unprecedented’ crisis,” March 26, 2020.
69 Ibid.
70 The Star, “Vietnam offers around US$11bil credit package for those affected by Covid-19,” March 6, 2020.
71 The Irrawaddy, “Myanmar Unveils $70-Million Stimulus Package to Ease Economic Blow From Virus,” March 19, 2020.
72 World Bank East Asia and Pacific Economic Update April 2020.
73 Channelnewsasia, “COVID-19 relief measures appropriate for now but Government will do more if necessary: DPM Heng,” February 20, 2020.
74 The Bangkok Post, “Virus covered by universal health care,” March 2, 2020
75 CIMB ASEAN Research Institute, “Special Update: ASEAN Summit and ASEAN+3 Summit on COVID-19,” April 15, 2020.
76 Channelnewsasia, “COVID-19 Resilience Budget: ‘Landmark’ S$48 billion package to tide Singapore through ‘unprecedented’ crisis,” March 26, 2020
77 Channelnewsasia, “Indonesia’s economic stimulus not enough to stop layoffs, focus should be to contain COVID-19: Experts,” April 3, 2020.

Footnote for ASEAN Countries’ Fiscal Measures Table:
1 World Bank Databank, “World Development Indicators,” accessed April 2, 2020.
2 The Edge Markets, “PM Muhyiddin’s full speech (April 6) on Malaysia’s Prihatin SME+ Economic Stimulus Package announcement,” April 6, 2020.
3 The Star, “Muhyiddin unveils RM10bil stimulus package for SMEs (updated),” April 6, 2020.
4 New Straits Times, “PM’s full speech on Prihatin Economic Stimulus Package,” March 28, 2020.
5 The Edge Markets, “Comprehensive Economic Stimulus Package to be announced on March 30 — Muhyiddin,” March 23, 2020.
6 The Edge Markets, “Malaysia’s economic stimulus package with additional measures, says PM Muhyiddin,” March 16, 2020.
7 The Star, “Highlights of RM20bil stimulus package,” February 27, 2020.
8 The Star, “Singapore triples cash payouts and freezes fees for a year,” March 26, 2020.
9 The Edge Singapore, “Additional $3.8 bil aid brings Singapore’s Covid-19 relief to $63.7 bil; tighter restrictions to come as circuit breaker extends,” April 21, 2020.
10 Channelnewsasia, “Solidarity Budget: Singapore spends another S$5.1b to save jobs, protect livelihoods amid impending circuit breaker rules,” April 6, 2020.
11 Channelnewsasia, “COVID-19 Resilience Budget: ‘Landmark’ S$48 billion package to tide Singapore through ‘unprecedented’ crisis,” March 26, 2020.
12 Channelnewsasia, “Budget 2020: S$4 billion support package for workers, firms amid COVID-19 outbreak,” February 18, 2020.
13 The Straits Times, “Singapore Budget 2020: $6.4 billion set aside to support businesses, families and agencies impacted by coronavirus outbreak,” February 18, 2020.
14 Bangkok Post, “Cabinet gives green light to B1.9tn stimulus,” April 7, 2020.
15 Bangkok Post, “Cabinet approves B117bn stimulus,” March 24, 2020.
16 Tourism Authority of Thailand Newsroom, “Thai cabinet approves measures to help companies, especially SMEs to survive COVID-19 crisis,” March 11, 2020.
17 Bangkok Post, “B400bn booster shot given nod,” March 11, 2020.
18 CGS-CIMB, “Indonesia – Economics Update,” April 1, 2020.
19 The Jakarta Post, “Government allocates $8b to stimulate economy as businesses, workers suffer from COVID-19 impacts,” March 13, 2020.
20 Reuters, “UPDATE 1-Indonesia announces nearly $750 mln stimulus in response to coronavirus,” February 25, 2020.
21 GMA News Online, “Philippines readies economic stimulus package vs. COVID-19,” March 31, 2020
22 ABS-CBN News, “Coronavirus stimulus: Philippines to do ‘what it takes,’ including larger deficit,” March 26, 2020.
23 BusinnessWorld, “Government unveils P27-billion stimulus, but some say it’s not enough,” March 18, 2020.
24 The Star, “Vietnam offers around US$11bil credit package for those affected by Covid-19,” March 6, 2020.
25 Reuters, “UPDATE 1-Vietnam announces $1.16bln stimulus package to help virus-hit firms -state media,” March 3, 2020.
26 VOA, “Cambodian Government Allocates Up to $2 Billion for Economic Fallout from Coronavirus,” March 10, 2020.
27 Myanmar Times, “Myanmar negotiates for funds to rescue embattled economy,” May 7, 2020.
28 Myanmar Times, “Govt releases economic stimulus plan to fight COVID-19,” April 28, 2020.
29 Myanmar Times, “Govt announces priority sectors for emergency loans in Myanmar,” March 30, 2020.
30 Fibre to Fashion, “Myanmar’s $70-mn stimulus package to tackle pandemic,” March 24, 2020.
31 The Star, “Brunei rolls out added stimulus package for those affected by Covid-19,” March 31, 2020.
32 Biz Brunei, “Brunei defers business, personal and property loans as total stimulus rises to $450 million,” March 30, 2020
33 The Scoop, “MoFE announces measures to help businesses,” March 21, 2020.
34 IMF, “Policy Responses to COVID-19.”
35 Vientiane Times, “Stimulus package adopted to minimise virus economic impact,” March 23, 2020.

Footnote for Major Economies’ Fiscal Measures Table:
1 IMF, “China Key Policy Responses as of April 9, 2020.”
2 IMF, “China Key Policy Responses as of 2 April 2020.”
3 Bloomberg, “House Set to Pass New Stimulus With Plans to Dole Out More,” April 22, 2020.
4 Bloomberg News, “Trump Signs $2 Trillion Virus Bill, Largest Ever U.S. Stimulus,” March 28, 2020.
5 Euro News, “Italy ups coronavirus stimulus spending to €750 billion – nearly half its GDP,” April 7, 2020.
6 Bloomberg, “U.K. Virus Aid Package Beats Financial Crisis Stimulus,” March 27, 2020.
7 Financial Times, “South Korea boosts coronavirus crisis stimulus package,” April 22, 2020.
8 The Korea Herald, “S. Korea unveils another massive stimulus package against coronavirus,” April 8, 2020.
9 Ministry of Economy and Finance, “South Korea MOFE 2020 Supplementary Budget.”
10 Morning Star, “South Korea Approves $9.5 Billion Stimulus Budget to Combat Coronavirus,” March 18, 2020.
11 KBS World, “S. Korea Announces Stimulus Measures to Minimize Fallout from COVID-19 Outbreak,” February 28, 2020.
12 Foreign Policy, “Japan Is Testing the Limits of Pandemic Economics,” April 10, 2020.
13 CNBC, “Japan declares coronavirus emergency and approves a near $1 trillion stimulus package,” April 7, 2020.




Supervisor: Hong Jukhee
Editorial Team: Aznita Ahmad Pharmy, Eleen Ooi Yi Ling, Nor Amirah Mohd Aminuddin