Updated Wednesday, November 19, 2008 10:39 am TWN, AFP

Singapore budget deficit may balloon to 3 times

SINGAPORE -- Singapore’s budget deficit could be three times larger than initially estimated this year partly because of the global economic turmoil, the finance minister said in comments released Tuesday.

The government originally projected a deficit of S$800 million (US$524 million) this fiscal year but expenditures are now expected to be significantly higher than budgeted.

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