Singapore’s Prime Minister Lawrence Wong has promised a package of cash handouts in his final budget before the country goes to the polls this year in an election likely to be fought largely on the issue of high living costs.
Wong, who presented the budget on Tuesday in his dual role as finance minister, warned that Singapore would suffer from rising tensions between the US and China, both big trading partners for the city-state.
“All these pressures will reshape the global economy and dampen prospects for global growth,” he said. “As a small and open economy, we will feel the impact.”
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