Singapore Budget to focus on social needs, security, and economic restructuring

Singapore’s upcoming Budget for this year will focus on key areas involving the country’s security and taking care of the people’s social needs, especially in education and healthcare. The focus on transforming Singapore’s economy will also continue, said Singapore’s finance minister Heng Swee Keat.

Mr Heng who will deliver the Budget statement on February 18, had shared the details with reporters on the side lines of a community event on Sunday, a report from The Straits Times said.

On Brexit and protectionism; economic transformation

The finance minister flagged on the importance of keeping Singapore's economy vibrant as it navigates itself through global uncertainties and rapid technological changes.

‘We must take this opportunity to ride this wave of change and enable Singaporeans of all ages to do well in the coming years,’ he said.

When asked to comment on the rejected Brexit vote, Mr Heng said Singapore has been ‘very watchful about global developments’.

‘People's support for globalization is weakening because there is a sense that globalization has left some people behind. And unfortunately, some of the developments are negative, even for their own country, even for people who advocated a particular course of action, they're now regretting it,’ he said.

‘It just shows that when we make economic policies, we have to be very, very thoughtful of the long-term implications, and that we cannot avoid doing the difficult things,’ the minister added.

Mr Heng went on to comment that Singapore is on the right track with its economic restructuring process, but the path is ‘not easy’ and requires much hard work. ‘It is the right thing to do and I hope that we can sustain the momentum.’