Finance Minister Heng Swee Keat will be delivering the Budget at 3:30pm, and we’ll be updating this article live with pointers mentioned during the speech.
Longer term goals of economic restructuring and transformation are expected to be covered this year.
In the meantime, watch this video and find out more about the purpose of the annual Budget!
Join us at 3:30pm, and watch the livestream here, or keep refreshing this page for the Budget’s pointers as they are delivered.
- Singapore’s GDP grew by 3.6% last year, up from 2.4% in 2016, exceeding Govt’s forecast of 1% to 3%.
- We’ve been experiencing good productivity growth – highest since 2010.
- With the support of businesses, Trade Associations and Chambers and unions, Government has launched 21 out of 23 Industry Transformation Maps
- Budget must be strategic to identify future needs and preparations
- Integrated because it should pull together different sectors to build a better SG for everyone
- All developments represent opportunities for us – ride on and contribute to Asia’s growth
- There are threats to us – tensions on South China Sea
- Second shift – new technologies changing the way we live, work and play
- Interacting with traditional businesses – competitors but also complementary
- Focus more on intellectual property, first-mover advantage
- Securing better jobs and higher wages wont be just about how well we do in school but how well we adapt and grow
- Third shift is ageing
- Significant increase in healthcare, and resident workforce will shrink
- Need to support our workforce with calibrated inflow from abroad
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