The theme of the Budget 2024 is Building Our Shared Future Together. Deputy Prime Minister and Finance Minister Lawrence Wong said that the Budget aims to address the immediate challenges posed by the COVID-19 pandemic, as well as to lay the foundations for a more resilient, inclusive, and sustainable future for Singapore.
The biggest priority of the Budget 2024 is to support the recovery and transformation of the economy, which has been severely affected by the pandemic. The Budget will provide targeted and timely measures to help businesses and workers cope with the disruptions and uncertainties, as well as to seize new opportunities and growth areas in the post-pandemic world².
Some of the key measures to support the economic recovery and transformation include:
The Budget 2024 is expected to have a positive impact on the economy and society, by helping to mitigate the short-term pain and create long-term gain. According to DPM Wong, the Budget will help to save jobs and livelihoods, boost business confidence and cash flow, and accelerate the digital and green transformation of the economy. The Budget will also help to strengthen the social safety net, enhance the quality of life, and foster a greater sense of solidarity and shared responsibility among Singaporeans.
The Budget 2024 is also expected to have a fiscal impact, as it will incur a deficit of $10.9 billion, or 2.1 percent of GDP, for the financial year 2024. This is the second consecutive year of deficit, following the record deficit of $74.2 billion, or 15.4 per cent of GDP, for the financial year 2023. However, DPM Wong said that the deficit is necessary and prudent, given the unprecedented nature and scale of the crisis, and that the government has sufficient reserves to finance the deficit without drawing on past reserves. He also said that the government will ensure fiscal sustainability and discipline in the medium to long term, by reviewing the revenue and expenditure policies and maintaining a balanced budget over each term of government.
The 2024 Vietnam International Defense Expo was inaugurated by the Prime Minister Pham Minh Chinh on December 19, 2024 and…
Created by the Duffer Brothers, Stranger Things is one of the most popular sci-fi horror series globally. It is set…
According to the US Department of Defense, China has now produced the most sophisticated supply of hypersonic weapons in the…
The Melaka International Halal Festival 2024 aims to turn the city as the prime center of the Halal products and…
On Saturday, the stalwart of Chunichi Dragons Pitcher, Hiroto Takahashi attended the negotiation for his contract renewal for the next…
US President Joe Biden has cancelled another $4.28 billion in student loans for nearly 55,000 people across the country, the…
This website uses cookies.
Read More