A BUDGET TO WITHSTAND FUTURE CHALLENGES
In addition, a lot has been put forth in the Budget for this year to address upcoming challenges and dangers while support is provided to Singaporeans to deal with the latest bread and butter issues.
In his statement, Mr Wong noted that while Singapore’s market expanded by 4.4 per share in 2024, maintaining that rate will be hard. A more achievable goal would be to achieve 2 to 3 percent over the next ten years.
It is apparent that the state is attempting to use measures to ensure Singapore retains a leading place as a global trade and business gateway when combined with the increasingly complex and uncertain global political environment with more countries adopting mercantilist trade policies.
Singapore’s future-ready workplace has been a key pillar to maintaining its attractiveness as a worldwide business place and beautiful hub for multi-national enterprises, and the additions to the SkillsFuture program highlight the importance of developing their skills and capabilities to deal with new industries and sectors that will be the staple of the future economy.
The authorities also launched initiatives to encourage businesses operating in Singapore to use natural products, services, and products like electric vehicles, while also expressing an interest in exploring fresh, sustainable energy sources like nuclear power.
The initiatives to improve the attractiveness of the Singapore Exchange, increase business access, and promote an equitable economy that values the old and the disabled, represent a whole-government strategy for creating a socially and economically feasible nationwide value proposition.
Probably the question we should be asking is not so much whether this week’s Budget is an vote or SG60 Budget, but whether it forms part of the president’s long-term plan to ensure Singapore’s endurance in the next 60 years and beyond.
It’s impossible to foresee how the next six decades may turn out, and glass ball-gazing is an imperfect knowledge at best. However, how Singapore reacts to the volatility in the coming weeks as the second Trump administration continues to alter the US position in the world, US-China opposition rises, and the risk of continuing fight in the Middle East, Ukraine, and other countries will be a good indication of whether Budget 2025 will be a significant step forward in future-proofing the nation.
In a world that is becoming more and more turbulent, it will be crucial to see if Singaporeans are assured that they will be supported in their work to survive and prosper.
If thus, then we can really look forward to the “better tomorrow” highlighted in the style of Mr Wong’s latest Budget conversation.
Previous columnist and Nominated Member of Parliament Nicholas Fang. He serves as the managing director of the corporate consulting firm Black Dot and the director of safety and global matters at the Singapore Institute of International Affairs.