Section 2: The economic implications of government responses to the COVID-19 pandemic [300-word maximum]

In responding to the health crisis posed by COVID-19 Singapore's government have responded by imposing measures that includeborder restrictions and lock-downs.Also, it is recognised that central to adapting to learn to live with the virus vaccination will play a crucial role. This section addresses the economic implications stemming from the governments' response to the COVID-19 pandemic. Specifically, address each of the dot points provided below:

• Discuss how efforts to mitigate health risks and contain the spread of the virus have impacted:
• the Singaporean economy in general;
• the Services producing industries compared to the Goods-producing industries (refer to the national accounts if you are not sure which specific industrial sectors are included in each of these categories)
• Based on your analysis from both the first assignment and the present one, outline the costs and benefits associated with the government support and stimulus measures provided during the pandemic which have aimed to mitigate the negative economic impacts associated with the COVID-19 pandemic.