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Deputy Prime Minister and Finance Minister Heng Swee Keat released Singapore’s Budget statement for the financial year 2020 (FY20) yesterday, which would see an overall deficit of $10.9 billion.
The Budget was aimed at relieving the potential economic and financial pain stemming from the ongoing international health emergency, Covid-19.
We approached Singaporean finance professional Chiam Sheng Shi, 30, to comment on how the Budget could affect a regular citizen or PR. His comments may be well-placed, given how he holds a CFA and is also the personal finance lead at robo-advisory firm, Endowus.
THE CHALLENGES THAT SINGAPORE FACES
To provide some context on the challenges that Singapore faces, Chiam remarked that while the coronavirus outbreak presents a clear and present danger to economic growth, “as a developed country with an ageing population, Singapore has been facing [structural] challenges with labour force growth”.
“Low labour force growth can be attributed to declining birth rates and policies lowering foreign workers quota,” said Chiam.
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