Chart of the Day: SG healthcare spending to reach $45.9b in 2030

Fitch Solutions expects the government to ramp up its healthcare expenditure in the coming years.

This chart from Fitch Solutions shows its forecast of the Singapore government’s healthcare spending, which it expects to reach $45.9b (US$36.7b) in 2030 or 5.8% of the gross domestic product.

“The government’s commitment towards ensuring affordable healthcare through providing sufficient medical funding will see its healthcare expenditure continue to grow at a rapid pace over the coming years,” Fitch Solutions said in a report.

Fitch expects healthcare spending to reach $25.9b (US$19.5b) by the end of 2021, higher than the $24.5b (US$17.7b) recorded the year previous.

By 2025, it expects health expenditure to reach a value of $33b (US$26.3b), representing a compound annual growth rate of 6.1%.