Budget 2023 debate: Liang Eng Hwa on positioning Singapore for the long term
Budget 2023 delivers measures to tackle immediate challenges for many Singaporeans, such as inflation and difficulties faced by young couples in buying a home and raising a family. However, it is not just about “slicing the pie” but growing the pie for all - in other words, growing the economy to create jobs and generate revenues to pay for people’s needs and wants, said MP Liang Eng Hwa in Parliament on Wednesday (Feb 22). He said the troubling external environment has made this an even more uphill task as US-China strategic competition continues to intensify and more countries take steps to shore up economic security. Singapore is also encountering serious resource constraints such as manpower shortages as it seeks to stay competitive. Mr Liang said the country must prioritise its allocation of resources even more sharply and pace policy initiatives so as not to make things worse. Ultimately, he said, Singapore needs to significantly beef up productivity and continually strengthen its finances with prudent fiscal management as the best defence against future shocks.
Budget 2023 delivers measures to tackle immediate challenges for many Singaporeans, such as inflation and difficulties faced by young couples in buying a home and raising a family. However, it is not just about “slicing the pie” but growing the pie for all - in other words, growing the economy to create jobs and generate revenues to pay for people’s needs and wants, said MP Liang Eng Hwa in Parliament on Wednesday (Feb 22). He said the troubling external environment has made this an even more uphill task as US-China strategic competition continues to intensify and more countries take steps to shore up economic security. Singapore is also encountering serious resource constraints such as manpower shortages as it seeks to stay competitive. Mr Liang said the country must prioritise its allocation of resources even more sharply and pace policy initiatives so as not to make things worse. Ultimately, he said, Singapore needs to significantly beef up productivity and continually strengthen its finances with prudent fiscal management as the best defence against future shocks.
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