Singapore health costs to decline this year but still higher than 2019: Fitch

Health expenditure declined from $17.b in 2022.

The health expenditure in Singapore is expected to decline in 2023 whilst the government continues to support its elderly population, Fitch Solutions’ report showed.

The overall health expenditure is expected to fall by almost 2% compared to 2022 to $16.9b in 2023 from $17.2b in 2022.

Fitch said the decline is attributed to the improving pandemic situation in Singapore and the shift to an endemic phase.

But the research firm said despite a decline in health spending, it is still high in “historical terms and is significantly above pre-pandemic spending levels.”

The higher expenditure was attributed to “Singapore’s ageing population and the importance of promoting preventative care measures to ensure a healthier population,” Fitch also said.