Singapore plans massive budget stimulus to counter Covid-19


Singapore: Singapore is set to deliver a strong budget this week to offset the damage to the economy from Covid-19, with analysts predicting the biggest deficit in almost two decades.

The fiscal gap may widen to 1.5% of gross domestic product in the year beginning April 1, the highest since the 1.7% shortfall recorded in the 2001 financial year, according to the median estimate in a Bloomberg survey of economists. This year’s deficit will probably come in at 0.3%, compared with the government’s earlier projection of 0.7%.

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