Budget 2023 debate: Hoon Hian Teck on fuelling Singapore’s growth to create fiscal capacity
As a mature economy, Singapore’s future growth will have to be propelled by productivity growth, which in turn will depend on technological diffusion from abroad as well as indigenous innovation. NMP Hoon Hian Teck said this in Parliament on Wednesday (Feb 22). He said the new Enterprise Innovation Scheme will help local businesses press on with innovation while topping up the SME Co-Investment Fund will help strengthen Singapore’s enterprise financing ecosystem. Prof Hoon was making a point about the role of economic growth in creating fiscal capacity. He said that over the years, Singapore’s tax revenue has grown in tandem with gross domestic product, providing adequate resources to finance total Government spending. Prof Hoon also spoke about the continuing need for Singapore to integrate with the global economy to sustain economic prosperity, as well as how job-holding and job satisfaction help fuel a dynamic economy.
As a mature economy, Singapore’s future growth will have to be propelled by productivity growth, which in turn will depend on technological diffusion from abroad as well as indigenous innovation. NMP Hoon Hian Teck said this in Parliament on Wednesday (Feb 22). He said the new Enterprise Innovation Scheme will help local businesses press on with innovation while topping up the SME Co-Investment Fund will help strengthen Singapore’s enterprise financing ecosystem. Prof Hoon was making a point about the role of economic growth in creating fiscal capacity. He said that over the years, Singapore’s tax revenue has grown in tandem with gross domestic product, providing adequate resources to finance total Government spending. Prof Hoon also spoke about the continuing need for Singapore to integrate with the global economy to sustain economic prosperity, as well as how job-holding and job satisfaction help fuel a dynamic economy.
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