Singapore unveiled a budget on Monday that contains higher retirement benefits, larger infrastructure spending and corporate tax rebates amid speculation early elections will be called this year.
The budget for the year starting April 1 comes out at a time the outlook for economic growth this year is tepid due to an uneven global recovery, while inflation is expected to ease to close to zero.
“The current global environment is not, however, just a temporary challenge,” said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam in his budget speech. “We may see prolonged, sluggish growth in the advanced world, as well as continued consolidation in China’s growth as it reforms and rebalances its economy,” he said.
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