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Singapore's budget for this year is expected to provide a modest fiscal push as the economy faces weak trade outlook. The fiscal policy will focus on targeted measures and plans to stimulate productivity in a country that is dealing with an aging population.
The government-appointed panel, led by Heng Swee Keat, outlined the initiatives for the budget in order to push the economy into its next step of growth. The Committee on the Future Economy suggested a range of measures that include skills development and easing regulations for businesses, to help stimulated growth from two percent to three percent a year over the next decade. It also recommended a review of the country's taxes, claiming that the nation needs to move towards a progressive system where the tax rate increases as income rises while staying fiscally appealing.
Heng predicts a budget surplus valued at S$3.5 billion in the fiscal year ending March 2017, which is just below one percent of the GDP. The Singaporean government also gets contributions from state investment firms and institutions like the Monetary Authority of Singapore, GIC Pte, and Temasek Holdings. It is ordered to run a balanced budget over its term of office.
