Revised FY2020 deficit soars to record S$44.3b

Singapore

WITH Monday's round of support measures against the novel coronavirus outbreak, Singapore's overall budget deficit for FY2020 is on track to become the largest deficit since its independence.

The revised overall budget deficit is expected to be S$44.3 billion or 8.9 per cent of gross domestic product (GDP), more than four times the deficit of S$10.9 billion estimated in February. This follows two rounds of support measures announced on March 26 and Monday, with numerous support schemes and waivers to counter the outbreak's economic impact.