The Singapore government will be pumping in another S$3 billion to help households cope with the rising costs of living and GST hikes.
Singapore says its budget deficit for 2022 will be lower than expected — at $1.5 billion dollars, or 0.3% of its gross domestic product.
"There are some early signs that global headline inflation rates are softening, but it is premature to declare victory. We expect headline inflation to remain high at least for the first half of this year," said Wong. In his budget speech to Parliament on Tuesday, Finance Minister Lawrence Wong said: "We expect a slight deficit of $2 billion Singapore dollars or 0.3% of GDP for FY2022," said Wong, who is also deputy prime minister. The country previously estimated the 2022 deficit would come in at S$3 billion.
"By the end of last year, global inflation was around 9% inflation reached historic levels and many advanced economies," he said.
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