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Covid19: Basic Maths For Budget Planning 101

Covid19: Basic Maths For Budget Planning 101

A contributor has shared some interesting calculations for Budget 2020. In Finance Minister Heng Swee Keat's round-up speech on debate on the Fortitude Budget in Parliament, he revealed that Singapore is "committing almost $100 billion, or close to 20 per cent of our GDP, to our Covid-19 response". Once the PAP increases GST from 7% to 9%, our contributor estimates this should bring in an estimated extra 0.7% GDP per year. So in order to cover the money spent on the Special $100 billion Covid19 Budgets, our contributor suggests that the government will need around 28.5 years to claw back this amount. Could this mean that the PAP has a lot of extra in our reserve and they don't really need the extra 2% GST to begin with?

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WHY OUR ELDERLY GET LESS PAYOUT THAN COUNTRIES WITH LOWER GDP?

A netizen suggested for the government to stop elderly poverty by raising our non-contributory pension and giving an average payout of $800. Why is it that elderly elsewhere with lower GDP per capita is receiving more than those in Singapore? Does it make sense?

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FOREIGNERS MAY BOOST MANPOWER & GDP, BUT POPULATION MAY BLOAT TO 18M

The man who is called the "architect of modern Singapore" tells CNBC that "Singapore must start planning for a population that could possibly hit 10 million". But did you know that if rates of population increase continued unabated like those before GE 2011, the population in Singapore would hit 18 million by 2050, with the percentage of foreigners going up to 62%?

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SINGAPORE HAS THE LARGEST DEBT LOAD IN SOUTH EAST ASIA. IS OUR ECONOMY UNHEALTHY?

As to “Singapore has the largest debt load in Southeast Asia, but the city-state is also one of the world’s wealthiest countries, with households holding assets worth $1.1 trillion under one estimate” – does it mean that Singapore’s overall debt load may be more than 240 percent of GDP?

With regard to “China’s total debt likely reached around 258 percent of the economy’s size last year, up from 158 percent in 2005” – does it mean that Singapore’s total debt to GDP may be almost as much as China’s 258 percent, since it may already be higher than Malaysia’s 240 percent of GDP?

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S'PORE GDP IS GOING DOWNWARDS, BRACE YOURSELVES FOR A BLEAK FUTURE

Brace yourselves for a tough times ahead... Singapore GDP is going downward, export of all goods are declining, foreign investments is less compared to previous year and unemployment among Singapore citizens is rising. Singaporean should be well informed in their future economics perspectives. It seem that 2016 may not look so rosy and bright for the time being.

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SINGAPORE IS A WEALTHY COUNTRY, BUT FOR WHOM?

Many people have gone to absurd extents to worship the dying old man LKY, thanking the him and PAP for building up Singapore. From an outsider’s perspective, this would seem to have some prima facie truth in it given the gleaming skyscrapers and luxurious condominiums in Singapore. However, the reality stands out like a glaring contrast when we consider the perspectives of an average man. While our GDP growth has been stellar, this certainly does not translate into better conditions for the average person.

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