Bloomberg.com, 21 Jan 2009, Shamim Adam and Chen Shiyin
Jan. 21 (Bloomberg) -- Singapore said its economy may shrink an unprecedented 5 percent this year, fanning speculation the government will announce record spending in its budget tomorrow to help companies hurt by the global recession.
Finance Minister Tharman Shanmugaratnam may outlay as much as S$20 billion ($13.3 billion), or 8 percent of gross domestic product, to help households and businesses survive the slump, Macquarie Capital Securities predicts. The government may also say it plans to tap into its reserves for the first time to fund its expenditure.
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