“Even as our economy recovers gradually and some sectors grow well, some other sectors remain stressed,” Deputy Prime Minister Heng Swee Keat said Tuesday in the annual budget speech to Parliament. “Our fiscal approach must strike a careful balance between addressing our immediate needs and meeting our longer-term structural needs in a responsible manner.”
Singapore plans to rein in its budget deficit as the economy recovers while digging deeper into government reserves for a new $11 billion package to help households and businesses rebound from the Covid-19 pandemic.
See our coverage for Budget 2021 here.
