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Singapore's Budget to focus on economy, help firms to restructure

Xinhua, March 4, 2016 Adjust font size:

Singapore's upcoming Budget will focus on the economy and help firms to restructure for the future, said the country's Finance Minister Heng Swee Keat 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" in the medium term, local media reported.

Speaking to media on the sidelines of a visit to Pan Asia Logistics Holdings, Minister Heng 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 last year, the minister said that the government is likely to be "particularly prudent" with the Budget.

Heng added the upcoming Budget will also include some social measures to build a society that allows individuals to thrive and to target help at vulnerable groups.

The forecast for Singapore's economic growth this year remains at 1 percent to 3 percent. Endit