Singapore's finance minister Mr Heng Swee Keat presented
this year's budget against a backdrop of a slowing global
economy and its consequences for Singapore. While a large part of
the budget focused on addressing cyclical weaknesses in
Singapore's economy, Mr Heng also set out the need to reform
the local economy and to draw on the skills and resourcefulness of
the Singaporean people.
Three key policies are designed to achieve this. The first is
the adoption of an expansionary fiscal stance, including small and
medium-sized enterprise (SME) tax relief. The second aims to
strengthen enterprise and industry via an Industry Transformation
Programme and to drive growth through innovation. Targeted
government spending will help firms build deeper capabilities,
scale up and internationalise. The final policy is to support
Singaporeans in developing skills, particularly in new,
fast-growing sectors, and in facilitating employment and
job-matching.
