Looking ahead, FY2024 may be the crunch time where Singapore makes up for the previous few years of deficits, says OCBC chief economist Selena Ling.
and how to manage the current manpower squeeze, including the foreign manpower policy, especially since the hospitality and food and beverage industries are gearing up for the return of international visitors with China’s reopening. The question remains as to where the workers are going to come from in the short-term, or will we see companies trying to outbid each other for workers.
Singapore has managed the situation admirably by running a deficit during the COVID-19 pandemic years, similar to many other global economies., which works out to 2.6 per cent less than the S$107 billion spent in the revised 2022 figure. Unlike the last three years when the Government had to draw on past reserves to cope with the unexpected shocks and disruptions from COVID-19, it will not be doing so this year as things return to normal.
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