2020 deficit to rise to record S$39.2b, but Singapore's fiscal position remains robust

Singapore

SINGAPORE'S overall budget deficit for financial year 2020 will rise to a record S$39.2 billion, or 7.9 per cent of gross domestic product (GDP), as the government rolls out a massive support package to save the economy, but the country's fiscal standing remains solid, say analysts.

The record S$39.2 billion deficit is nearly four times the S$10.9 billion or 2.1 per cent of GDP, estimated slightly more than a month ago during Budget 2020.