Analysts anticipate Singapore's first budget under Prime Minister Lawrence Wong will focus on alleviating cost of living pressures and supporting both households and businesses. With the country celebrating its 60th year of independence, expectations are high for a generous 'SG60 budget' featuring measures like cash payouts, consumption vouchers, tax rebates, and skill-enhancing courses.
Wong, who took the helm from Lee Hsien Loong in May last year, will deliver the budget on Feb. 18. The country is due for a general election by November.
Lawrence Wong, Singapore's then deputy prime minister and finance minister, speaking during the Milken Institute Asia Summit in Singapore, on Sept. 13, 2023. Wong, now the country's prime minister, is due to deliver the budget on Feb. 18.Singapore is gearing up for its first budget under Prime Minister Lawrence Wong, and analysts are expecting more support for both households and businesses.
Bank of America analysts predict the upcoming budget will be a "feel-good" one, saying they expect measures "aimed at alleviating the cost of living pressures to form the centrepiece of Budget 2025. A new 'Package' to support middle-aged and middle-income groups may be possible, given signals in the New Year Day Message."Wong said, "We will provide more targeted help to those who find it harder to cope, especially older people and lower-income groups.
The Maybank analysts also noted that they do not expect any more property cooling measures or wealth taxes, noting that "significant hikes" to property and income taxes were implemented in 2022 and 2023. Nomura forecasts a 2025 gross domestic product growth of 2.8% year on year, lower than the 4% seen in 2024, but near the top end of the government's forecast of 1%-3%.
Politics SINGAPORE BUDGET COST OF LIVING ECONOMY ELECTION BUSINESS SUPPORT
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