Singapore, 27 Feb 2018 – The Singapore government has been an excellent planner with a long-term strategic vision for both economy and social, while deftly managing fiscal resources for a small, open economy with few natural resources. The fiscal track record is enviable and bodes well for Singapore’s long-term economic future.
FY2017 fiscal surplus
Singapore had a bumper fiscal surplus of S$9.6 billion, the highest in three decades and equivalent to 2.1% of GDP.
It was though not a structural surplus, policymakers chose the prudent approach of opportunistically using it to fund major lumpy projects, for instance allocating S$5 billion for the Rail Infrastructure Fund and S$2 billion for the ElderShield review. The government will also be distributing another S$700 million to Singaporeans aged 21 years and above in an SG one-time Bonus of between S$100 and S$300 per person depending on income.