Singapore Does Badly in World Bank Report on Wealth of Nations
Just as you would not be able to judge the financial soundness of a company by looking at its income statement but would need to see its balance sheet (and cashflow) as well, so using GDP to measure how well a country is doing also has major flaws. In fact GDP is worse because whereas the income statement for a company is meant...
Heng says budget surplus is $9.6b but IMF says $78.5b – financed by heavy borrowings in housing
It was announced in Parliament today (19 Feb) that as the Government has accumulated a budget surplus of almost S$10 billion for FY2017, all Singaporeans aged 21 and above this year will get a one-off SG Bonus of between $100 to 300 each. Finance Minister Heng Swee Keat said that this "reflects the Government’s long-standing...
Budget: Consistently flawed
[Update at 5.25pm: Trumpets please] My prediction that GST increase would be announced but delayed is correct: Heng announced GST increase of 2% from 7% to 9% to “fund recurring government expenses”. Increase will take place between 2021 and 2025 in a progressive manner. Handouts of GST vouchers will be made permanent once...
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