-- Five years ago, when Singapore last aimed for a budget shortfall anywhere near as large as the one announced Tuesday, it was mainly because the city-state wanted to press on with the airport’s fifth terminal — one that will only be ready in the 2030s. The goal of the stimulus this time around is not to improve a distant future, but to ward off a present danger.
By opening the public wallet wide, policymakers are signaling that they’re taking the economic consequences of the coronavirus at least as seriously as those emanating from a global financial contagion. The generous package, supplemented by a S$800 million boost to the aging country’s steadily growing health budget as well as S$1.6 billion of “care and support” cash directly for households, will also set the tone for rival Asian financial center Hong Kong’s annual budget due later this month.
Whether Singapore manages to hit its deficit target remains an open question. The 2015 gap narrowed to S$4 billion after initially being estimated at S$6.7 billion. Strip out the total S$4.5 billion investment in the airport and productivity that year, and the budget basically balanced.
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