Singapore Budget 2020: Expected S$10.95b deficit largest since 2009 global financial crisis, but no need to draw on past reservesDeputy Prime Minister Heng Swee Keat said that the government expects to run an overall Budget deficit of S$10.95 billion, or around 2.1 per cent of the nation’s gross domestic product , which refers to overall economic output. ― Reuters pic
The government needed to roll out an expansionary Budget to address the “considerable uncertainty” faced by the Singapore economy because of heightened risks in the global economy, and the rapidly evolving Covid-19 crisis, he said. Singapore is required under the Constitution to keep a balanced budget over each term of government. The next general election must be held by April 2021.Heng said in his Budget speech that Singapore must continue to plan its finances based on “long-term structural drivers”.
These lower than predicted expenses were mainly due to delays in projects under the Defence Ministry due to circumstances outside its control, as well as other lower-than-expected expenditure requirements by the Education and Transport Ministries.It is not the first time that unexpected contributions from MAS, Singapore’s central bank and financial regulator, led to revisions of the previous year’s Budget projections.
“At the same time, we must be mindful of the uncertainties and downside risks to our revenue,” added Heng, highlighting the ongoing discussions to revise international tax rules under the Base Erosion and Profit Shifting project, of which Singapore is a party. Calling it a “blockbuster” Budget, Singapore Management University law don Eugene Tan said: “As this could well be the last Budget before the General Election, the imperative to make fiscal management a bonus point for the ruling party is there as well — that we are well-placed to take on what may come and to keep us exceptional.”
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