"Many economies going through (falling birth rates and aging population) have seen their economic growth falling to 1 percent or lower.
Presenting the annual budget statement in Parliament on Monday, Finance Minister Heng Swee Keat said Singapore must take "decisive action" to position the country amid such "deep shifts" in the global economic environment.
Singapore, an economy that has long hung its hat on its openness, is particularly vulnerable to any slowdown in global trade.
Outlining the government`s revenue and expenditure for the financial year 2017-2018, Heng said Singapore is expected to see an overall surplus of S$1.9 billion ($1.3 billion).
For workers, Heng said there will financial support and work attachment programs to help them gain new skills and stay nimble amid today`s digital disruption that has altered the nature of many jobs.
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