The Business Times
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OUTLOOK 2023

Government likely to achieve balanced budget in current term despite Covid deficit

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Sharon See

Sharon See

Published Thu, Jan 5, 2023 · 05:50 AM
    • Singapore's fiscal performance for FY2022 may be better than expected, similar to how FY2021 yielded a S$1.9 billion surplus despite earlier forecasts of a deficit.
    • Singapore's fiscal performance for FY2022 may be better than expected, similar to how FY2021 yielded a S$1.9 billion surplus despite earlier forecasts of a deficit. PHOTO: AFP

    THE Singapore government is expected to balance its budget for the current term, set to end by 2025, despite a record S$51.6 billion overall budget deficit in financial year 2020 when the Covid-19 pandemic hit, analysts told The Business Times (BT).

    This is even as the government has not planned or implemented any revenue measure to make good on the reserves drawn for the fight against Covid-19, a spokesperson from the Ministry of Finance (MOF) said in response to queries from BT.

    The deficit resulted from multiple rescue packages rolled out as the economy took a beating from the pandemic, records by the Accountant-General’s Department (AGD) show.

    SingaporeSingapore economySingapore Budget 2023TaxesGlobal minimum taxWealth taxGST

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