161. Government expenditure is estimated to increase from more than $230 billion in 2007-08 to more than $390 billion in 2012-13, a rise of nearly 70 per cent, which is significantly greater than the nominal GDP growth of 21 per cent over the same period. Recurrent expenditure is estimated to grow by 33 per cent during this period.
162. The allocation of resources by the Government is based on the principle of "policy leads and financial resources follow". A major function of the Budget is to provide funding for the implementation of the policy objectives and initiatives announced in the Policy Address. I shall now give an account of government expenditure on education, health, social welfare, art, culture and sports, environmental protection and infrastructure. |
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