Lens on Singapore: Exploring Singapore’s Budget process
Understanding the process behind the development of a nation’s budget can be an intimidating and complicated endeavour. However, the latest episode of Lens on Singapore tackles this subject in an accessible and engaging way.
I host a conversation with experts Andrew Blazey, deputy head of Budgeting and Public Management, Organization for Economic Cooperation and Development (OECD) and Terence Ho, associate professor (Practice), Singapore University of Social Sciences (SUSS) as we parse through the just released OECD Report “Budgeting in Singapore” to provide listeners with an understanding of the report and its findings.
Fiscal policy and budget framework
One of the primary reasons to tune into this episode is the valuable insight it offers into Singapore’s fiscal policy and budgeting frameworks.
Blazey, explains the complexities behind the annual budgeting process. Ho, provides a local academic perspective on fiscal sustainability and its implications for Singapore’s economic stability. Together, they demystify the intricate economics involved in national budgeting - making the episode both educational and enlightening.
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For business professionals, understanding national fiscal policy is crucial. This episode explores the practical implications of Singapore’s Budget on various sectors.
By hearing from the experts, listeners gain an understanding of how budget decisions can influence economic development, resource allocation, and business operations. These insights can help businesses in strategic planning and decision-making, making the episode highly relevant for entrepreneurs, investors, and business leaders.
Transparency and communication
Another highlight of the episode is its focus on budget transparency and public engagement. As Blazey points out, the Ministry of Finance places a strong emphasis on communicating budget details to the public, ensuring that everyone has access to fiscal decisions that impact their daily lives.
The discussion outlines the various ways in which the government engages different societal segments, including youths and the general public before and after the budget is announced.
Budgets of the future
The podcast concludes with a ‘crystal ball’ moment, where I encourage the experts to speculate on the future of Singapore’s budgeting system. This part of the discussion provides valuable food for thought on how budgeting frameworks need to adapt to changing economic conditions, societal needs, and global challenges. If you are interested in the future of public finance and fiscal policies - this part of the episode is particularly intriguing.
This episode of Lens on Singapore offers listeners a comprehensive look at the budget process with a focus on transparency and future-proofing.
Whether you are an economics enthusiast, a business professional, or a curious citizen, enjoy this opportunity to be better informed on Singapore’s fiscal policies and their broader implications.
For more episodes, go to bt.sg/podcasts and if you have feedback or an episode idea, please get in touch at btpodcasts@sph.com.sg.
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Hosted by Claressa Monteiro, edited and produced by Claressa Monteiro and Emily Liu, and engineered by Chai Pei Chieh.
With Andrew Blazey, deputy head of Budgeting and Public Management, Organization for Economic Cooperation and Development; and Terence Ho, associate professor (Practice), Singapore University of Social Sciences.
A podcast by BT Podcasts, The Business Times, SPH Media
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