Singapore, March 4 (IANS) Singapore’s upcoming budget will focus on the economy and help firms to restructure for the future, the country’s Finance Minister Heng Swee Keat said on Friday.
Minister Heng said the upcoming budget will not only include some measures to help small businesses cope with immediate challenges, more importantly, it will focus on helping companies with their “restructuring journey”, Xinhua reported.
He stressed that the main challenge almost all companies face continues to be restructuring their businesses because of more competition and changes in technology.
Heng said the government has continued to encourage companies to find global growth opportunities, and has taken measures to meet immediate challenges.
As it’s the first year of the new term of government since the general election, the minister said the government is likely to be “particularly prudent” with the budget.
The forecast for Singapore’s economic growth this year remains at one tp three percent.