It’s an economic marvel that Singapore narrowly escaped recession in the year 2016, but can now declare a budget surplus in 2017. The magic was wrath by the manufacturing sector, though the construction sector is still in a serious mess because of hard housing conditions.
According to the Minister of finance, the government wants to cut the budget surplus from 1.3 percent to 0.4 percent. The budget surplus is expected to start by April 1, 2017, and the estimated figure stands at a whooping S$1.9billion. It was a staggering figure considering the challenges the economy had last year.
Prudent budget in economy restructuring
In fact, the expenditure is likely to continue on the high side for the near future. The budget is indeed prudent to have support films and households despite the restructuring the economy is experiencing.
The budget is quite fast, coming in less than fourteen days that the government set up a panel led by the minister of finance, Mr. Heng, which delineates programs to spur the economy to the next phase of growth.
The economic team suggests various methods that may boost the economy in the next decade. There is no better way to prepare for fiscal challenges when world powers. Especially America is not yet settling in the area of economy collaborations with many Asian countries.
The team recommended skills developments minding the truth that the birth rate is on the decline. Besides that, the population is aging, relaxing strict regulations for businesses, and encouraging small businesses to adapt digital skills.
Singapore may continue economy fiscal support
Is not over yet, the government may need to continue supporting the economy by reducing the cost of living not just cutting taxes. This will help consumers to spend more and boost the local economy.
Since the growth experienced last year was from manufacturing. Precisely electronics and biomedical sectors of the economy emphasize should be on how to sustain the growth with viable policies and financial support and wait for collaborations elsewhere away from America.
While countries are battling recession, outrageous inflations, and economies that look out of hand. Singapore’s declaration of a budget surplus is an example of what a determined nation can achieve. In case, there is sincerity among the ruling class to better the life of an average person.
There is no nation without leadership flaws, but a nation aiming to be among the most powerful economies of the world would strive to have policies that will continually lead the nation on the way to attaining the rare goal.
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