The message from the Budget 2023 speech could not have been clearer. It cannot be business as usual for Singapore. Over the last couple of decades, the country has benefited from global trade and finance flows. But with increased patriotism, protectionism and nationalism swirling around the world, Singapore will have to work even harder to maintain its competitiveness. As the economy matures, retirement is an area that we should pay attention to. By 2030, which is just seven short years away, one in four Singaporeans will be aged 65 or above, up from one in five. Budget 2023 offers targeted support to Singapore’s growing pool of seniors. The ElderCare fund will be topped up by S$500 million, and another S$1.5 billion will be added to the MediFund. But just think about that for a moment. Singapore expects a Budget deficit of S$2 billion in the financial year (FY) of 2022, and a deficit of S$400 million in FY2023. Those deficits would be almost erased...