Singapore

Singapore's FY2012/13 budget will focus on rebalancing the economy, with an eye on supporting productivity. The budget will also continue the trend of greater support for lower income Singaporeans and seniors, as it seeks to remediate the city-state's growing income disparity, which has stoked public discontent. The budget will not include as many 'goodies' for citizens as compared to 2011, which was an election year. Still, against what we expect will be a SGD5.6bn primary budget surplus in FY2011/12, the surplus will likely fall to SGD3.4bn in FY2012/13, continuing to reflect Singapore's extremely strong fiscal position.

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