There may also be added pressure to raise the country’s spending possibly at a pace that exceeds previous increases, Wong adds.
Prime Minister Lawrence Wong warned that Singapore’s expenditure will continue to increase due to its need to invest more in workers and to better support a rapidly ageing population.
At Budget 2025 on Feb 18, Wong noted that government spending had risen steadily over the years from 15% of the country’s GDP to 18%. Based on historical trends, Singapore can expect its spending to increase to 20% of its GDP by 2030.
