Government surplus expected to soar 62.5% to $3.9b

Deficit is predicted at $1.2b.

According to DBS, Budget 2014 was unveiled last Friday. Restructuring the economy and fostering inclusive growth continue to be the focus of this budget.

New measures were announced to help companies enhance productivity and there was no further tightening in manpower policies. In this regards, Budget 2014 is more carrot than stick for companies.

Here's more from DBS:

More importantly, this is a budget with a strong slant towards fulfilling social objectives. Fostering inclusive growth remains in the spotlight.

Measures were targeted towards alleviating the cost burden of the lower and middle income groups and in facilitating social mobility. The lower income households will enjoy higher subsidies in medical and education while the Pioneer Generation Package was introduced to cover the needs of the elderly (age 65 and above).

Overall fiscal position for FY2013 is expected to register a surplus of SGD 3.9bn, higher than the earlier projection of SGD 2.4bn. As for FY2014, the government has planned for a modest deficit SGD 1.2bn (0.3% of nominal GDP).

This is after taking into account a generous special transfer package of SGD 12.1bn to strengthen the social safety net.

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