Singapore Budget to focus on social needs, security, and economic restructuring
Finance minister Heng Swee Keat will deliver the country's Budget statement on February 18.
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.’
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.