{"id":112670,"date":"2019-11-27T12:05:35","date_gmt":"2019-11-27T05:05:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/2020-singapore-budget-to-be-suitable-to-economy-needs-pm\/"},"modified":"2019-11-27T12:16:16","modified_gmt":"2019-11-27T05:16:16","slug":"2020-singapore-budget-to-be-suitable-to-economy-needs-pm","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2020-singapore-budget-to-be-suitable-to-economy-needs-pm\/","title":{"rendered":"2020 Singapore Budget to be "suitable to economy needs": PM"},"content":{"rendered":"


\nPrime Minister Lee Hsien Loong\u00a0made a statement on 26 November, Tuesday, that the Finance Minister and other related agencies are working on\u00a0a 2020 Singapore Budget\u00a0that\u00a0will be strong and suited to what the Singapore economy needs,\u00a0considering the state of the world, reported The Straits Times.
\nSpeaking to reporters at the end of his five-day visit to South Korea, the Prime Minister said that with major economies like Japan, China and the United States slowing down, it\u2019s not surprising that the Singapore economy has been sluggish as well.
\nHe did warn against seeing pump-priming stimulus as a solution \u2013 a process which tries to boost the economy via government spending and by decreasing interest rates and taxes.
\nInstead, PM Lee\u00a0believes that Singapore should capitalise on the economy\u2019s slowdown by redoubling efforts at training, upgrading and productivity improvements.
\nAt the presentation of the Budget this year, Finance Minister Heng Swee Keat announced that productivity in the country increased by 3.6% per year in the last three years, higher compared to the 1.6% per annum growth reached in the preceding three years (from 2012 to 2015).
\nREAD:\u00a0Is The \u2018Wait-And-See\u2019 Property Market Finally Over?
\nSince then, Singapore\u2019s economy has decelerated and is predicted to have a growth of between 0.5% and 1% this year.\u00a0Whether Singapore goes into a recession depends mostly on external factors, said PM Lee.
\n\u201cThe risks seem to have gone up, but right now the indicators are mixed and unemployment is still low. Corporate profits are not as buoyant as before, the leverage is going up, corporate borrowing is going up,\u201d he said.
\n\u201cIf a problem worsens between the US and China, or\u2026 the current uncertainties continue, [the two countries] could go into a recession within the next 12 to 18 months. If that happens, we are at greater risk,\u201d PM Lee elaborated.
\nHe explained that markets are in a state of flux as\u00a0pending the situation\u00a0between\u00a0the U.S and China, as well as Brexit.
\n\u201cWhen you have a big cloud hanging over you, nobody wants to make commitments. So we have to understand that those clouds also affect our weather, our climate. And we are preparing for that,\u201d he added.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…2020 Singapore Budget to be “suitable to economy needs”: PM<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Prime Minister Lee Hsien Loong\u00a0made a statement on 26 November, Tuesday, that the Finance Minister...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-112670","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tjg","jetpack-related-posts":[{"id":113367,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-posts-slowest-economy-expansion-since-2009\/","url_meta":{"origin":112670,"position":0},"title":"Singapore posts slowest economy expansion since 2009","date":"January 3, 2020","format":false,"excerpt":"\r Singapore economy expanded by 0.7% in 2019, which is significantly lower than the 3.1% growth recorded in 2018.\u00a0 Singapore\u2019s economy experienced the slowest growth in a decade last year, growing by a marginal 0.7%. 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Singapore and Malaysia are set to sign a bilateral agreement early next month for the development of the long-awaited high-speed rail (HSR), which will connect the two countries,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36674,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-malaysia-need-sound-agreement-on-hsr\/","url_meta":{"origin":112670,"position":3},"title":"Singapore, Malaysia need sound agreement on HSR","date":"December 1, 2016","format":false,"excerpt":"\r PM Lee (seen here with Malaysian PM Najib Razak) is confident about the success of the HSR project, despite having acknowledged the difficulties involved. Prime Minister Lee Hsien Loong believes cost sharing of the High Speed Rail (HSR) project is one of the factors making the project complicated, since\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100444,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/high-speed-rail-delay-unlikely-to-impact-singapore-malaysia-ties\/","url_meta":{"origin":112670,"position":4},"title":"High Speed Rail delay unlikely to impact Singapore-Malaysia ties","date":"October 24, 2018","format":false,"excerpt":"\r Artist\u2019s impression of the HSR terminus in Jurong East. The decision to defer the construction of the Singapore-Kuala Lumpur High Speed Rail (HSR) until May 2020 is unlikely to cause a strain between the relationship of both countries, reported Bernama. 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