Singapore to see the largest budget deficit since independence.
This chart from UOB shows the overall budget deficit for FY2020 which amounts to $74.3b or 15.4% of GDP. This is up from the previous budget deficit estimate of $44.3b or 8.9% of GDP and said to be the largest budget deficit in Singapore’s history.
This is attributed to the the fourth round of support measures in the Fortitude Budget to help businesses, workers, and households through the pandemic.
The Finance Ministry injected an additional $33b as Singapore embarked on phase 1 easing of the circuit breaker measures. Accumulatively, UOB notes that they amount to $92.9b or 19.2% of GDP to support Singapore in the pandemic.
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