Prime Minister Lee Hsien Loong made a statement on 26 November, Tuesday, that the Finance Minister and other related agencies are operating to a 2020 Singapore Budget that would be powerful and satisfied to what the Singapore market wants, taking into consideration the state of the planet, reported The Straits Times.
Speaking to reporters at the conclusion of the five-day trip to South Korea, the Prime Minister said that using major economies such as Japan, China and the United States slowing down, it is not surprising that the Singapore market has been slow as well.
He’d warn against visiting pump-priming stimulation as a remedy — a procedure which tries to raise the market via government spending and by decreasing interest rates and taxes.
Instead, PM Lee considers that Singapore should capitalise on the market’s downturn by redoubling efforts at training, upgrading and productivity enhancements.
At the presentation of the Budget this year, Finance Minister Heng Swee Keat announced that productivity at the nation increased by 3.6percent each year in the last 3 years, greater compared to 1.6percent per annum growth reached from the previous three years (by 2012 to 2015).
READ: Is Your’Wait-And-See’ Real Estate Market Finally Over?
Since that time, Singapore’s economy has decelerated and is predicted to have a rise of between 0.5percent and 1% this year. Whether Singapore goes to a recession depends largely on external factors, said PM Leesaid
“The risks appear to have gone up, but the indicators are combined and unemployment remains low.
“In case a problem contrasts involving the united states and China, or… the recent uncertainties continue, [the two nations ] could go to a recession over the next 12 to 18 weeks.
He explained that markets are in a state of flux as impending the situation involving the U.S and China, as well as Brexit.
“When you have a large cloud hanging over you, then no one wants to make obligations. Thus we have to understand that these clouds also affect our weatherour climate.