Record deficit of S$64.9b for FY2020, amounting to 13.9% of GDP

Singapore

SINGAPORE is expected to register a record budget deficit of S$64.90 billion for FY2020, equal to 13.9 per cent of gross domestic product (GDP).

This marks the largest budget deficit since the country became independent in 1965, driven by lower revenues due to the dampened economic backdrop and significant spending to contain the Covid-19 pandemic.