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SINGAPORE: The Singapore government is expecting an overall budget deficit of around S$3b or about 1.1 per cent of the Gross Domestic Product this year.
This is after taking into account the top-ups to the endowment and trust funds.
Finance Minister Tharman Shanmugaratnam described this as a "manageable deficit" as the government has sufficient reserves to fund it.
He added that Singapore's underlying revenue position remains "sound".
He said: "Although our tax revenues this year will continue to be held down by the lagged effects of the recession, they are expected to recover in the coming years.
"We are therefore moving ahead with major investments in our future - in education and training healthcare for a gradually aging society and the transport infrastructure required to connect up the island."
While the focus last year was to keep jobs, Mr Tharman said the priority now will be to improve the quality of jobs.
He added that Singapore is "charting a new course" for its economy and growing it by improving productivity.
Higher productivity will be how Singapore can achieve higher incomes and improve living standards.
While the government will commit substantial resources to support this national effort, it is ultimately up to the people and companies to determine the success of this initiative.
- CNA/ir
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