Singapore is set to roll out a hefty package of measures to cushion the blow fro...
SINGAPORE - Singapore is set to roll out a hefty package of measures to cushion the blow from the coronavirus epidemic on its economy next week, with some analysts expecting it to budget for its biggest deficit in over a decade.The Southeast Asian business and travel hub, expected to see its economy contract this quarter after a paltry 0.7% growth last year, could also unveil schemes to tackle cost of living issues ahead of an election expected this year.
Singapore tends to be conservative in its fiscal forecasts. During the 2009 financial crisis, it forecast a S$8.7 billion deficit, only to land a S$819 million shortfall, government data shows. Economists forecast a fiscal deficit of 1.4-2% of GDP - in the range of the 1.7% reached during the 2001 dotcom bubble collapse.
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