Fiscal deficit to hit two decade-high in 2020

Submitted By:  Clarist Zablan Case Study:  No The economic effects of the COVID-19 outbreak demanded a much bigger stimulus. Singapore is projected to see the worst fiscal deficit in two decades at 2% of the GDP, as the government is expected to roll out a significant stimulus in the FY 2020 budget to soften the economic effects of the COVID-19 outbreak, according to a commentary from ING. Taking cue from the SARS stimulus package, the package is expected to contain some income tax relief for both individuals and corporates, as well as target reliefs measures for tourism and retail sectors. read more