SINGAPORE: Deputy Prime Minister and Finance Minister Lawrence Wong presented the first phase of reforming Singapore’s social compact during his Budget 2024 speech on Friday, February 16. In an era of worldwide unrest, Singaporeans are intended to feel reassured by this all-encompassing economic strategy. In addition to guaranteeing that Singapore remains a place of residence and a land of opportunity and optimism, it tackles pressing issues, including the cost of living, inflation, and employability.
The budget, balanced fiscally and costs over S$131.4 billion (US$97 billion), is liberal but not excessively so. Every significant demographic receives financial assistance in the form of budgetary dividends.
The People’s Action Party (PAP) government may take it to the General Election, scheduled for November 2025 at the latest, if necessary. However, it is improbable that such hurry will exist right now.
Given that Mr. Wong is expected to succeed Prime Minister Lee Hsien Loong by the end of the year, is this perhaps the last time he presents the budget? I don’t think so.
He might serve as Finance Minister in addition to becoming Prime Minister, as Mr. Lee did for three years following his 2004 election. As the representative for Forward Singapore, whose implementation is still in its early phases, we shouldn’t be shocked if Mr. Wong presents a few more budgets.
