Singapore Budget 2020: What is our biggest takeaway? - Seedly
Seedly logo
Seedly logo
 

Policies

General

Anonymous

Asked on 18 Feb 2020

Singapore Budget 2020: What is our biggest takeaway?

Discuss anything about the Budget 2020. How do you think it will impact us, Singaporeans? What do you like and not like about the Budget 2020?

0 comments

10 answers

Answer Now

Answers (10)

Sort By

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 18 Feb 2020

It's that time of the year again! The time where the nation's plans are announced!

We will edit as the news breaks :) together with the team!

For me, here are my predictions and ideas:

  1. COVID-19 will take up the big part of the budget, if you have been following Heng Swee Kiat, you would have seen that he has been pushing edits to the last minute to ensure we get past this virus and its problems together as a nation

  2. Support packages for employees and employers who would be affected in terms of GST rebates, vouchers and also for companies would be tax rebates or tax breaks

  3. Especially in Tourism and Hospitality sectors which are hit the hardest, these sectors would likely benefit the most from what is to be announced today

Let's hope it's exciting times for the nation as we head into the new decade with a new DPM and future PM, It's election year, so hopefully we can chart a new decade with better direction soon!

​​​

1 comment

👍
6
Guo Hao Teo
Guo Hao Teo

18 Feb 2020

Ya MTI say we will drop the growth forecast to -1.5% potentially. A year of recession awaits...
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Brandon Ho
Brandon Ho, Community Lead at Seedly
Level 6. Master
Answered on 18 Feb 2020

Hi Anon!

Personally, I'm looking forward to hearing the Government's take on the economic impact Covid-19 will have on the Singaporean Economy, along with the measures they'll be taking to counteract this in order to stabilise the economy. DPM Heng Swee Keat has already said that The 2020 Singapore Budget will include measures that were "not on the table one month ago", and I'm intrigued as to see what these measures will be- such as the supposed upcoming package to help Singaporeans with the current cost of living during this crisis.

I believe that the Government's response to the current Covid-19 Situation through Budget 2020 can possibly be a defining moment for my generation, as many of my peers are unconvinced of the Government's effectiveness. I think there's 2 main reasons for this-

  1. Disagreements with the government's stance on various controversial issues such as LGBT.

  2. My generation hasn't really lived through a crisis before, thus we have not witnessed the government's effectiveness in such situations first-hand.

Hence, their response in their handling of the Covid-19 Situation is a real opportunity to increase their credibility amongst the younger generation, greatly increasing the stakes for this year's Budget.

0 comments

👍
3
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

GST rate remains at 7% for 2021. 🤩

1 comment

👍
2
Kenneth Lou
Kenneth Lou

18 Feb 2020

That's awesome!
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

Watch the micro, for they are the seeds of the macro.

0 comments

👍
1
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Alex Chua
Alex Chua, Sophomore (Engineering System Design) at SUTD
Level 6. Master
Answered on 25 Feb 2020

As a student, it is nice to have some freebies from government. Gst will also not be hiking up anytime soon so my expenditure will not increase. I can save more and invest more.

It is comforting to see that the government is stepping up efforts on the environmental efforts

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
MT2020
MT2020
Level 7. Grand Master
Answered on 25 Feb 2020

Good news is that GST will remain at 7% til 2021 at least. Bad news is that the tourism sector will take a hit due to the corona virus.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Rais M
Rais M
Level 7. Grand Master
Answered on 24 Feb 2020

Guess the main key takeaways are those that impact us as Singaporeans.

1) GST will remain at 7% for 2021

2) The angbaos given by the government.. $$$

3) Additional SkillsFuture Credit

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

I like that GST rate will remain at 7% in 2021, but I dislike the fact GST will ultimately still need to be increased by 2025. I understand there is a need to continue investment in Singapore’s healthcare system, especially with an ageing population. However, I do hope that government could look for other sources of revenue to fund healthcare expenditure. Perhaps just my wishful thinking.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Answered on 19 Feb 2020

Thank you for that interesting serious

question.

I feel: As long as there are no major legal changes or new regulations or super-mega catastrophies (Covid), nothing will happen ... on the long run . There will only be the normal ups and downs (due anyway on the markets)

Patience and the mulberry leaf become a silk robe. (Chinese Proverb)

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post
Guo Hao Teo
Guo Hao Teo, Self-Taught Enthusiast at Personal Finance
Level 6. Master
Answered on 18 Feb 2020

I think 2020 and 2021 are going to be very challenging for the Singapore economy as we will be directly affected by the COVID virus outbreak and it trickles from one part of the economy.

A potential year long recession could be in place for this to happen.

  • One sector gets hit very badly (tourism)

  • Unemployment increases

  • People lose their income

  • Consumer spending decreases

  • Affects retail businesses

The cycle continues and we slowly enter a recession unless monetary policy changes and we get a boost to consumer spending or keep as many businesses alive past these 2 years.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post