SINGAPORE (Nov 27, ANN): The next Singapore Budget will be strong, and suitable to the state of the world and what the Singapore economy needs, Prime Minister Lee Hsien Loong told reporters at the conclusion of his five-day visit to South Korea.
He said that with major economies like the United States, China and Japan slowing down, it is not surprising that the Singapore economy has been sluggish too.
Presenting the Budget this year, Minister for Finance Heng Swee Keat had announced that productivity in Singapore grew by 3.6% per year in the past three years, higher than the 1.6% per annum growth recorded in the preceding three years, from 2012 to 2015. "Corporate profits are not as buoyant as before, the leverage is going up, corporate borrowing is going up.
A major part of such preparations is next year's Budget, PM Lee said."Heng Swee Keat as Finance Minister and all the other agencies are working towards preparing a Budget which will be strong and suitable to the state of the world and what the SIngapore economy needs." "That's a very significant step forward, because we have been encouraging the Koreans for a long time to do this," he said.
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