Politics
Singapore Plans Cautious Budget With an Eye on Election
- City state focuses on health care, social, defense spending
- Tax increases to help offset expansionary budget plans
Commercial buildings in the central business district in Singapore.
Photographer: Nicky Loh/BloombergThis article is for subscribers only.
Singapore Finance Minister Heng Swee Keat will aim to strike a delicate balance in Monday’s budget: preaching fiscal prudence while doling out more social spending ahead of elections that could come as early as this year.
While not expected to be as headline-grabbing as last year -- when Heng flagged a hike in the goods-and-services tax -- the 2019 budget will cover a range of familiar policy priorities. Infrastructure spending, more health-care support for a rapidly aging population, and help for firms transitioning in a digital economy were top-of-mind for Heng in a Jan. 22 interview.