Singapore’s Fiscal Sustainability Challenges: Managing Competing Needs with Limited Resources
By Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and Education
As leaders, one will often face obstacles and challenges in the journey to achieve the best outcomes for one’s team, organisation or even country. Sometimes, going beyond boundaries means making difficult decisions that may initially seem unpopular. Yet, these decisions often lead to positive outcomes in the long term, despite any short-term detriments.
The challenge that Singapore is facing now, as a mature and developed country, is that our national needs are evolving and expanding. In particular, we face pressing priorities in key areas such as healthcare, infrastructure, security, and education.
The Singapore Government has to manage national expenditures and revenues very carefully, planning long term to ensure that we have enough resources to meet the needs of current and future generations of Singaporeans.