Singapore's Fiscal Strategies for Growth

Singapore's fiscal strategies have helped sustain the country's growth as a small and open economy. This book is a pioneering effort in terms of providing a non-technical, holistic view of Singapore's strategies. The author, formerly Director of Fiscal Policy in Singapore's Ministry of Finance and the Principal Private Secretary to the President of Singapore, provides an insider's bird's eye view of how Singapore's fiscal strategies support monetary and economic policies, and address the needs of Singaporeans. The book is structured to explain how the various aspects of Singapore's fiscal policies inter-relate and work together as a functioning system, enabling the small city-state to prosper and progress since its independence in 1965. Besides providing a documentation of the development of Singapore's fiscal strategies over the years, the current and impending national challenges to be addressed by fiscal strategies are also discussed. The author also addresses the importance of culture to a nation's success, and highlights the impact of fiscal policy in this regard.Contents: Introduction: Much More than a Revenue and Expenditure Statement Historical Developments Building a Sustainable Budget from the Beginning Evolution of Growth Strategies over the Years Stability for Long-Term Growth: Steering a Small Ship in Rough Seas Promoting Confidence through Budgetary Prudence Protection of Accumulated Surpluses Conservatism in Fiscal Planning Funding of Future Liabilities Capping Expenditures, Creating Value Marshalling Economic Resources for Productive Growth: A Pro-Enterprise and Pro-Work Fiscal Environment Optimise Usage of Limited Land Resources Efficient Infrastructure that Support Growth Regulating the Inflow of Foreign Workers Putting the Population to Productive Employment Addressing People's Needs: Jobs and Wage Growth Ensuring Visible Broad-Based Benefits Sharing of Surpluses Challenges and Issues for the Future: Aging Population Headwinds in an Increasingly Turbulent World Double Edged Sword of Technology Self-Reliance Readership: Students and academics interested in public policy and Singapore's development model, local and foreign agencies interested in Singapore's fiscal policies, analysts and observers interested in Singapore's future. Keywords:Fiscal Strategies;Fiscal Policy;Sustained Growth;Fiscal sustainability;Singapore;Budget;Taxes;Macroeconomic Stability;Productivity;Public Finance;Past ReservesReview: "This penetrating and comprehensive book by Lee Kok Fatt is probably the first to be written by a practitioner on Singapore's fiscal policy since the early 1960s; and how that policy has contributed to the country's impressive non-inflationary and stable growth. Kok Fatt has served as Director of Fiscal Policy in the Ministry of Finance, and subsequently as the Principal Private Secretary to the President of Singapore; those two important positions have provided him with a deep and unique grasp of the factors determining the formulation and operation of the fiscal policy of Singapore. He has now compiled what may be regarded as an authoritative text book covering the diverse facets of the Island-State's fiscal policy. It is a valuable reference work for those, particularly students, who want to know more about an important pillar supporting Singapore's remarkable economic growth. Kok Fat deserves praise for his stamina and dedication in completing this important oeuvre." J Y Pillay Chairman of the Council of Presidential Advisers, Singapore "Prudent fiscal policy has been and remains at the centre of the Singapore's success. To date knowledge of its intricacies has been the preserve of the small handful of civil servants charged with its conduct over the last half a century. Lee Kok Fatt has done a masterful job of illuminating this vital topic for the benefit not only of the general public but also for fiscal planners in Singapore and in the great number of other countries who rightly look to Singapore as an...