Asked on 18 Feb 2020
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?
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:
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
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
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!
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-
Disagreements with the government's stance on various controversial issues such as LGBT.
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.
GST rate remains at 7% for 2021. 🤩
Watch the micro, for they are the seeds of the macro.
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
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.
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
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.
Thank you for that interesting serious
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)
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)
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.