Singapore fin min sees lower 2022 budget deficit at S$2bil

FILE PHOTO: Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong. REUTERS/Isabel Kua

SINGAPORE: Singapore Finance Minister Lawrence Wong said on Tuesday the government expects 2022's budget deficit to be S$2 billion ($1.51 billion), or 0.3% of gross domestic product, down from a previous estimate of S$3 billion.

Wong, who was presenting the 2023 budget to parliament, said the city-state must brace for a period of higher inflation and that the government would help citizens and businesses weather the higher costs of living.