Budget 2012 expected to focus on increasing productivity, helping needy
The Singapore government's financial policy for 2012 will be presented to Parliament by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam when he delivers the 2012 Budget Statement on Friday at 3.30pm.
SINGAPORE: The Singapore government's financial policy for 2012 will be presented to the country's Parliament by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam when he delivers the 2012 Budget Statement on Friday at 3.30pm.
Economists and political watchers said they expect the announcements to focus on ensuring that the country stays on course in its economic plans and efforts to enhance the productivity of the workforce.
There have been calls by the business federations for more effort to help the small and medium enterprises take advantage of the various productivity improvement schemes introduced by the government.
Singapore has maintained its economic growth forecast of 1 to 3 per cent this year. The economy grew by 4.9 percent in 2011.
The Ministry of Trade and Industry said it expects the global economic outlook to remain subdued, although the US economy has shown signs of a pick-up.
The ministry added that in the Eurozone, the economy is expected to enter into a recession as fiscal consolidation and bank de-leveraging dampen private demand.
On their part, Singaporeans too have also been sharing what they hope to see Budget 2012 address.
According to a survey done by the government feedback portal REACH, topping the list are social issues, such as the rising cost of living, promoting family life and strengthening the social safety nets, followed by employment and the economy.
REACH said contributors expressed concerns over the rising cost of living.
Some felt that wages have not kept up with the rate of inflation.
They called for more measures to curb the rising costs of basic necessities and essential services like utilities, transport and healthcare, and to improve the standard of living for the low-income and sandwiched middle-income groups.
Mr Tharman's speech will be broadcast "live" over Channel NewsAsia, with a Chinese translation on dual sound mode, over the radio on 938Live and on
