With an election looming, the Singaporean government is expected to announce on Monday a "generous" budget that subsidizes health care and other costs of living for a substantial portion of the population.
"Budget 2019 will likely be generous and expansionary, setting the stage for a possible early general election," analysts from Malaysian financial services firm Maybank Kim Eng wrote in a recent report.
Singaporean Prime Minister Lee Hsien Loong has suggested that the election, which must be held by April 2021, could take place as early as this year. Lee's People's Action Party has been in power on the island since 1959 — even before the city-state became independent.
The impending election and the need to spur economic growth amid a challenging global environment mean the government will likely — for the first time in four years — spend more than it is projected to earn.
Singapore's budget deficit for the year starting April 2019 is estimated to be between 1.2 billion and 6.9 billion Singapore dollars (approximately $883.3 million to $5.08 billion), according to five analyst forecasts compiled by CNBC. That's around 0.3 percent to 1.5 percent of the country's gross domestic product.