Singapore's Overall Balance (% of GDP): Net Lending/Borrowing Trends and Forecasts (1990-2029)

Singapore’s fiscal record is marked by consistent surpluses driven by prudent economic management. The 1990s saw strong fiscal health, with surpluses peaking at 7.9% in 1994. While the 2008 financial crisis led to a temporary deficit of -0.1%, Singapore quickly recovered to a surplus of 8.0% in 2011.

The pandemic caused a sharp decline to -6.7% in 2020, but forecasts project sustained surpluses from 2023 onward, reaching 2.7% by 2029, reflecting Singapore's robust fiscal policies and economic growth strategies.