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The report ranked Singapore third place in the world for government efficiency, behind Hong Kong and UAE.
"Pockets of strength" still lie in some segments of Singapore's economy.
The central bank alsorevised down its 2019 core inflation forecast to 1 to 2%, from 1.5 to 2.5% previously.
Singapore must not propagate the notion that only people exactly like us are our people.
Higher GST and utility bills? There's more to it than that. Here's our summary of how Budget 2019 will affect young working Singaporeans.
Heng Swee Keat unveiled a $6.1 billion fund that will subsidise healthcare for Singaporeans born in the 1950s
Car sales took the biggest hit.
Analysts say other highlights of the budget will likely include increased security spending given a recent high-profile cyber attack, maritime tensions with Malaysia and plans to acquire F-35 fighter jets.
Gross domestic product grew 2.2% in the third quarter from the year earlier.
The changes allow the Government to collect the GST on overseas services from 2020.