Medium-Term Fiscal Projections 2023

The Ministry of Finance published an Occasional Paper titled “Medium-Term Fiscal Projections”. This Occasional Paper examines the fiscal implications of our medium-term challenges, and projects the Government’s expenditure and revenue up to Financial Year 2030 (FY2030).

Government spending is expected to increase to around 19%–20% of GDP in the FY2026–2030 period, and possibly exceed 20% of GDP by FY2030. A key driver for this increase is government healthcare expenditure. Besides healthcare, we also factored in the fiscal impact of spending moves that the Government has already committed to, such as uplifting lower-wage workers and improving early childhood education.  

The expenditure projections do not take into account future policy moves, such as additional spending to strengthen our social compact and economic competitiveness. If there are such further spending increases, we will need additional revenues to balance the budget in the medium term.

The full paper can be found here.

Press Release:  https://www.mof.gov.sg/news-publications/maintaining-sound-public-finances-and-balanced-budgets-over-the-medium-term