Budget 2023 will have to walk a tightrope between helping households manage the rising cost of living and sustainable spending. Singapore must grow the economic pie to make the vision of a new social compact reality, says OCBC chief economist Selena Ling.
Commentary: Addressing Singapore’s long-term challenges - where will the money come from?Singapore is likely to see an overall budget surplus of about S$2.8 billion in FY2022 instead of the originally expected deficit of S$3 billion .
This would mark the first overall budget surplus since 2019 before the COVID-19 pandemic, implying some normalisation of fiscal finances. Given the need to balance the budget over the current term of government, this is an encouraging sign that the COVID-19-related emergency spending is indeed over. Budget 2023 will have to walk a tightrope - providing immediate help to households to manage the rising cost of living and help for small- and medium-size enterprises still struggling with higher costs and manpower shortages, but also rolling back more of the COVID-19 era support schemes.
to ensure that no one is left behind, we can expect Budget 2023 to lean into the following priority areas: Strengthening Singapore’s competitive position in the global economy; and helping the population achieve aspirations of home ownership, managing social inequality and addressing the needs of the ageing population.and investment. Singapore will have to stay attractive if it is to grow the economic pie and make the vision of a new social compact reality.
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