Budget 2024 tackles immediate challenges for households, sets longer-term goals for economy and workers

Source: The Straits Times
Author: Goh Yan Han

SINGAPORE - Budget 2024 will tackle immediate challenges for households and businesses, while also laying out longer-term strategic moves tied to better economic growth and jobs.

It will also focus on lifelong learning, create more paths for equality and mobility, and provide more assurance for families and senior citizens.

Deputy Prime Minister Lawrence Wong unveiled the key themes of his Budget in Parliament on Feb 16, as he began his speech at 3.30pm.

Many of the moves are tied to the report from the Forward Singapore nationwide engagement exercise, which was released in October 2023.

As he set out the context for his fiscal proposal, DPM Wong noted that the past year had not been easy with a troubled international environment, subdued global economy and modest economic growth for Singapore.

He also acknowledged that many households are feeling the pressure of higher living costs.

For 2024, the outlook is mixed, as the growth in major economies is expected to be resilient but geopolitical risks continue to loom large.

However, there are some upsides, said DPM Wong, who is also Finance Minister.

Global inflationary pressures are expected to recede further, while the global electronics industry is projected to recover. Asia also continues to be a key driver of global growth, he noted.

"Overall, we are cautiously optimistic that 2024 will be a better year," said DPM Wong.

Besides lower inflation, Singapore expects higher gross domestic product growth at 1 per cent to 3 per cent.

"But there is considerable uncertainty in the outlook and the risks are tilted to the downside," he said.

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