Higher spending is possible only if society is prepared to foot the bill, said the transport minister.
SINGAPORE – After the war between Russia and Ukraine caused a surge in global inflation, the authorities in Singapore dealt with the impact by supporting firms undertaking restructuring efforts, as well as people in the lower- and middle-income groups, said Transport Minister Chee Hong Tat.
This will keep Singapore on track to emerge stronger in the longer term when the shock passes, Mr Chee added. Mr Chee said it is also disingenuous to suggest that drawing down from past reserves will not take resources away from future generations, and yet claim such moves are not a raid on past reserves.
On the support doled out by the Government to cushion cost-of-living concerns following the Russia-Ukraine war, the minister added that these were done to avoid distorting price signals and preserve the right economic incentives for consumption. For example, some people had asked for subsidies or caps on energy prices, and pointed to other countries with long-term fuel subsidies.
Amid structural shifts, such as US-China contestation and its impact on global trade and supply chains, another shock that hit Singapore was the Covid-19 pandemic in 2020. Other countries took a shorter-term view of laying off workers to protect their bottom lines, noted Mr Chee. Slated to be fully operational in the 2040s, Tuas Port is being developed in four phases, with nine of its 66 container berths already operating as at July.
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