Economics
Singapore Boosts Virus Package to 11% of GDP, Tap Reserves
- Finance minister delivers second stimulus of S$48 billion
- Extra measures will push out budget deficit to 7.9% of GDP
A pedestrian walks through the empty Chinatown Food Street in Singapore, March 24.
Photographer: Wei Leng Tay/BloombergThis article is for subscribers only.
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Singapore delivered a second stimulus package of S$48 billion ($33 billion) to fight the coronavirus outbreak, drawing on national reserves for the first time since the global financial crisis to support an economy heading for recession.