singapores government will enhance cash payouts for citizens and boost investment in training schemes part of efforts to address higher costs of living and uncertainties in a changing global economic environment the city state will add 3 billion singapore dollars us226 billion in oneoff cash payments to eligible singaporeans to help cope with inflationary pressures and cushion the impact of a higher goodandservices tax finance minister lawrence wong said tuesday while presenting the countrys annual budget singapores gst rose to 8 from 7 this year and will increase to 9 in 2024 2022 was a year of brutal inflation worldwide including in singapore mr wong said he said inflation in the southeast asian financial hub is expected to remain elevated in 2023 singapore will also boost cash gifts for parents of newborns and double governmentpaid paternity leave to eligible fathers to fours weeks among other measures mr wong said he expects singapore to post a budget deficit of s04 billion or 01 of gross domestic product in the fiscal year beginning april for the current fiscal year he estimated a slight deficit of s2 billion or 03 of gross domestic product mr wong highlighted a need for singapore to adjust to a changing global economic landscape and rising competition as countries and companies around the world look to retool supply chains amid heightened geopolitical tensions the major powers increasingly view economic matters through the lens of national security with greater fragmentation of the global economy to be expected an era of global zerosum thinking has begun he added it will be a world that is less hospitable to small economies like singapore which have long thrived on an open rulesbased multilateral system to boost competitiveness singapore also will top up a national productivity fund with s4 billion and introduce a scheme that will allow businesses to get bigger tax deductions for activities such as research and development in singapore mr wong said the government would also boost revenue by increasing the buyers stamp duty rates on highervalue properties adding s500 million to revenue each year while also raising additional registration fees on higherend and luxury vehicles for 2023 mr wong reiterated the governments expectation that the economy will expand 05 to 25 down from 36 in 2022 and 89 growth in 2021