Singapore budget expected to include tax hike and Covid-19 relief package, with yearly deficit projected

Singapore is set to unveil its biggest annual budget since 2009 on Tuesday, one that is expected to include a goods and services tax increase to offset a substantial spending package that includes a coronavirus relief package.All told, economists estimate that Budget 2020 could incur a deficit of almost S$8 billion (US$5.78 billion). The country is known for its fiscal prudence and is cautious with its projections.The last time Singapore announced a huge deficit was in 2009 during the global…