Singapore is experiencing a downturn. The covet-19 virus has taken a toll on the service industry. Hotel occupancy rates have dropped below 50%, tourist arrivals have dropped by 30%.
In the face of this, the Singapore government has prepared a Budget that prepares the country for the upturn that will come once we get over this current challenge. For example, they are giving incentives & grants for hotels to upgrade their infrastructure (since occupancy rates are Low) and to send their staff for training. Otherwise, there will be no time to train staff. Infrastructure upgrades will cause disruption to operations. There is no better time to do this. That’s what I call a forward-looking government. Check out the Budget in this article!