Learning from Singapore: Road to Non-Agonised Budgeting

Abstract

For many countries, budgeting has become a tortuous experience. Balancing an increasingly unbalancable budget has become the main preoccupation. Should budgeting be such a dismal exercise? Is there a happier scenario which can serve as a model for these countries? Singapore is an oasis in budgeting. It has continued annually to enjoy a budget surplus, to accumulate official foreign reserves, and to receive a high investment income. Using mainly statistical data, this article seeks to provide explanations for Singapore's success in this respect. The article ends with a suggestion for an international conference on budgeting to be held in Singapore so that the international community can study and analyse Singapore's achievement in budgeting and public finance for the purpose of benefitting from its experience.