Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, delivered the FY 2024 Budget Debate Round-Up Speech in Parliament. Addressing a variety of critical issues, he emphasised the pivotal role of technology, skill upgrading, and innovation in navigating the ever-evolving landscape of global economics and securing a prosperous future for citizens.
Singapore’s unique position as a small, resource-scarce nation necessitates a constant drive to remain relevant and add value to the global stage. Unlike its resource-rich counterparts, Singapore’s growth relies heavily on its ability to attract investment and enhance its value proposition. Recognising this, the nation has continually evolved, transforming its economy to stay competitive and capitalise on its strengths.
To sustain growth in the coming years, Singapore must prioritise productivity improvements, as emphasised by Deputy Prime Minister Heng. Ambitious targets aim for 2-3% economic growth, with productivity gains contributing 1-2 percentage points. Achieving this requires a concerted effort from businesses to embrace new technologies, workers to acquire new skills, and the emergence of new sectors to replace declining industries.
Central to this strategy is attracting high-quality investments and maintaining steady investments in research and development (R&D). Initiatives like the Refundable Investment Credit and top-ups to RIE2025 aim to drive innovation and push the productivity frontier. Concerns about a two-track economy – one for MNEs and another for SMEs – are addressed through enhanced partnerships and support schemes to encourage restructuring and productivity enhancements across sectors.
The workforce plays a crucial role in Singapore’s growth trajectory. Efforts to grow the resident workforce are complemented by the inflow of foreign workers, regulated to ensure balance and quality across all levels. Initiatives like the Workplace Fairness Legislation and investments in skills development through schemes like SkillsFuture aim to empower Singaporeans, ensuring fair opportunities and equipping them for success in the global marketplace.
Addressing the aspirations of Singaporeans, particularly the younger generation, goes beyond material success. The concept of a refreshed “Singapore Dream” resonates with the desire for meaning and fulfilment in work and life. Government initiatives, such as the SkillsFuture Level-Up Programme and support for Singaporean leaders in MNEs, aim to provide diverse pathways for personal and professional growth, nurturing a society where everyone can realise their fullest potential.
As reported by OpenGov Asia, Deputy Prime Minister and Minister for Finance Lawrence Wong elaborated on its theme of ‘Building Our Shared Future Together’ during the unveiling of the 2024 Budget statement. This budget marks the beginning of the #ForwardSG roadmap, aimed at propelling Singapore forward amid global challenges and uncertainties, empowered by technology.
Budget 2024 strengthens support for Singaporeans across diverse sectors, addressing immediate challenges, fostering growth and employment, enhancing equality and mobility, and ensuring security for families and seniors, laying the groundwork for a resilient shared future.
From a tech/ICT perspective, the Singapore Budget 2024 envisions a comprehensive set of initiatives aimed at addressing various issues and opportunities faced by Singapore, spanning areas such as technology, innovation, cybersecurity, sustainability, and energy transition. It unveils plans for an SG$1 billion investment over the next five years in AI, alongside diversified investments in NAIS 2.0, RIE 2025, the National Cyberse
Sustaining growth and securing a better future for Singaporeans hinges on innovation, productivity, and strategic investment in human capital. By fostering a culture of adaptation, embracing technological advancements, and prioritising the aspirations of its people, Singapore is poised to navigate the complexities of the global economy and emerge stronger in the years to come.