Impact of US Government Shutdown on Singapore and Mitigation Strategies
Ministry of Trade and IndustrySpeakers
Summary
This question concerns the impact of the United States government shutdown on Singapore and mitigation strategies as raised by Dr Charlene Chen. Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong stated that while no macroeconomic impact is currently observed, a prolonged shutdown could dampen US demand for Singapore's exports. To support businesses, the Government provides the Enterprise Development Grant and the Business Adaptation Grant to help firms transform and optimize their operations. For individuals, the SkillsFuture Jobseeker Support scheme and the GRaduate Industry Traineeships programme have been implemented to maintain employability amidst global economic uncertainty. The Government remains committed to monitoring developments closely and will adapt its support for businesses and workers as necessary.
Transcript
5 Dr Charlene Chen asked the Deputy Prime Minister and Minister for Trade and Industry (a) what has been the impact of the United States government shutdown on Singapore; and (b) what are the plans to reduce the impact.
Mr Gan Kim Yong: We have not observed any macroeconomic impact on Singapore as a result of the United States (US) government shutdown. However, a prolonged shutdown could dampen economic sentiments and activity in the US, and hence, demand for our exports.
Regardless of these developments, the Government is committed to helping our businesses and workers navigate challenges in the uncertain global economic landscape. For businesses, schemes such as the Enterprise Development Grant are in place to help them transform and explore new growth opportunities. Those affected by the US tariff measures can also tap on the Business Adaptation Grant launched by the Singapore Economic Resilience Taskforce (SERT) to evaluate the impact, optimise their supply chains and reconfigure their operations. For individuals, the SkillsFuture Jobseeker Support scheme helps involuntarily unemployed jobseekers bounce back. The Government has also made available a wide range of upskilling and reskilling programmes to equip workers with the skills to remain employable. In addition, SERT has launched the GRaduate Industry Traineeships programme to boost the employability of fresh graduates amidst economic uncertainty.
The Government will continue to monitor developments closely and if necessary, adapt our responses to help businesses and workers.