Singapore plans massive budget stimulus to counter virus threat

Deputy Prime Minister Heng Swee Keat (centre) and other officials speaking to SCDF personnel at Kallang Fire Station on Sunday (Feb 16). Singapore is set to deliver a strong budget this week to offset the damage to the economy from the Covid-19 (coronavirus) outbreak, with analysts predicting the biggest deficit in almost two decades. - ST/ANN

SINGAPORE: Singapore is set to deliver a strong budget this week to offset the damage to the economy from the Covid-19 (coronavirus) outbreak, 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.