The economy and support for families are two key priorities that next month’s Budget will address, said Second Minister for Finance Lawrence Wong on Friday (Jan 13).

The two issues were often raised during the feedback sessions that the Ministry of Finance (MOF) had been holding since December, he added.

Mr Wong was speaking to reporters on the sidelines of the People’s Association Kopi Talk focus group discussion, where he had observed the proceedings. To date, the MOF has received more than 7,500 items of feedback through its Budget feedback exercise. Finance Minister Heng Swee Keat will be delivering this year’s Budget statement in Parliament on Feb 20.

Feedback was collected through various channels, such as engagement with trade associations and chambers, as well as grassroots volunteers and leaders.

Noting that the concerns over the state of the economy and support for families were “not surprising”, 
Mr Wong said it was, however, not all doom and gloom.

“Last year, we grew at a faster-than-forecasted rate of 1.5 per cent. There will still be economic growth. And if you see it in perspective, in this new phase of development, we are looking at, structurally, a growth rate of 2 to 3 per cent under normal circumstances, which would already be relatively good compared to most advanced economies,” said Mr Wong, who is also National Development Minister. He also pointed to growth opportunities in sectors such as the digital economy and overseas markets.

However, he acknowledged that challenges still remain and there is “wider uncertainty” this year, such as geopolitical risks.

“We don’t know if there will be a rise in protectionism. We don’t know if there will be more pressures against globalisation. If all of these pressures start to grow, certainly Singapore will be impacted,” Mr Wong said.

At Friday’s discussion session, about 100 grassroots leaders and volunteers came together to share suggestions from residents that they hoped the Government would consider for Budget 2017.

Mr Jalaludin Peer Mohamed, a grassroots leader at Radin Mas and Queenstown, told TODAY that the residents in his estate, who are mostly senior citizens, had expressed worries about issues such as re-employment and retirement.

“They worry about their monthly expenses, what will they do without a job, will the Government help them with funding, and whether it will be enough,” said the 59-year-old.

Source:
courtesy of TODAY

by Alfred Chua

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