The Business Times
business-time-50
OUTLOOK 2023

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

google-preferred-sourceAdd BT as a preferred source
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

    TRENDING NOW

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    Allowing some older malls to evolve organically could help Orchard Road retain diversity, says one observer.

    Room for more offices, homes and green spaces to make Orchard Road more vibrant

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    The amendments "aim to protect the competitive process of takeover and merger transactions", says SIC.

    MAS revises takeover and merger code to enhance competition and disclosures

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More