The health expenditure in Singapore has been steadily increasing from 2013 to 2023, starting at 4.53% of GDP in 2013 and reaching 5.76% in 2023. The year-on-year variation shows a general trend of consistent growth, although the rate of increase has slowed slightly over the years. For instance, from 2013 to 2014, the growth rate was 8.74%, but it decreased to 1.73% by 2023. The average variation per year over the last five years (CAGR) from 2018 to 2023 stands at 1.87%.
Looking ahead, the forecasted data from 2024 to 2028 indicate a continuation of this trend, with health expenditure projected to increase to 6.22% of GDP by 2028. However, the forecasted 5-year CAGR suggests a slower growth rate of 1.22%.
Future trends to watch for include:
- Potential impacts of an aging population on healthcare costs.
- Advancements in medical technology and their effects on expenditure.
- Government policy changes that could either curb or boost healthcare spending.
- Global health events that might lead to unexpected spikes in health expenditure.
