Singapore's healthcare expenditure to double by 2030

More assistance for an aging demographic.

According to DBS, in response to the aging demographic, the government has taken active steps to ensure citizen wellbeing in the future. 

In the government’s 2012 budget, the Finance Minister indicated that they believed that healthcare spending will be the biggest driver of growth in Government expenditure over the next decade.

As a share of GDP, he believed that government health expenditure could increase over time to >40% over the next decade, up from c33%, and more than double by 2030.

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Other initiatives that have been announced include more hospitals and hospital beds, three new polyclinics (one in Punggol and two in Jurong West) by 2017.

Four more polyclinics will be required by 2020, and another six to eight by 2030. Despite this increase in public healthcare provision however, Urbis expects the private healthcare system to continue to contribute positively to economic growth.