Singapore on Thursday unveiled a record S$20.5bn ($13.7bn) stimulus package to provide an economic safety net as the wealthy city-state enters its worst post-war recession, with growth expected to contract by up to 5 per cent this year.

”The resilience package will not get us of recession. But it will help avert an even sharper downturn and more lasting damage to the economy,” said Tharman Shanmugaratnam, the finance minister.