SMU School of Economics Associate Dean (Faculty Research) and Professor of Economics Hoon Hian Teck said that Singapore's economy has grown rapidly over the past 50 years, with the Gross Domestic Product in 2013 more than 30 times that of 1965, but the government has not incurred any significant deficit. Other than the first three years of independence, the Singapore Government has been able to achieve budget surplus or break-even, performing much better than many other countries which needed to rely on loans to boost the economy. SMU Associate Professor of Law and former Nominated Member of Parliament Eugene Tan said that the reason why the Singapore Government has been able to put in resources to meet various challenges is due to its financial prudence and long-term planning. He said that many people’s understanding of the budget is limited to how they can benefit from it, but he emphasised that the significance of the budget goes deeper – it lays the ground for the country’s future development and reflects the government’s governing philosophy.