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Singapore Budget 2018: Singapore must prepare for 3 major shifts - economy, technology, ageing

Singapore's FY2017 Budget surplus of S$5.82 billion (1.4 per cent of GDP) and our estimate of an FY2018 surplus of S$5.4 billion (1.3 per cent of GDP) suggest that there is no immediate urgency to tweak the tax regime to boost tax receipts. But the golden rule of balancing the books through each term of government still applies.

SINGAPORE must prepare for three major shifts in the coming decade, Finance Minister Heng Swee Keat told Parliament on Monday.

Delivering the Budget for 2018 on Monday, Mr Heng said that in order to capture future opportunities, Singapore must transform in responses to the three major shifts.

These are: the shift in global economic weight towards Asia, which will play a larger role in global trade and investment flows; the emergence of new technologies which are reshaping the economy and jobs, as well as an ageing population, which can potentially strain the social fabric.

"These three shifts will operate in isolation, but interact together to affect us in profound ways," the minister said, adding that some of these interactions would bring new opportunities and challenges.

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