Budget 2023 signalled continued fiscal conservatism that risks increasing public savings beyond what is economically efficient. More money can be spent on pursuing long-term goals.
The step up in social assistance schemes was welcome, but there is considerable latitude for more support for Singaporeans to face looming economic and social challenges.
Goodies in Budget 2023 can be justified by prevailing macroeconomic conditions and the government’s policy goals, so the budget is not sufficiently indicative of an early election.
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