Posted on 15 Feb 2021
In the upcoming Budget 2021, Singaporeans can expect support for workers, businesses and the vulnerable.
Singapore will likely incur a rare budget deficit this year as the government continues to support its economic recovery from the Covid pandemic, said economists.
Singapore held general election last July, so budget 2021 is the first for the current term of government.
I'm looking forward to this!
After last year's massive budget stimulus, I think this year's one should be less intense in terms of the actual amount given out.
However, would be nice to see that given a longer time to plan and assess the landscape, perhaps the government could focus on the less taken care of segments which were affected by the pandemic as well.
Budget 2021 will definitely be something to lookout for.
Due to the pandemic, in 2020, Singapore drew up to $52 billion from past reserves and incurred a deficit of $64.9 billion - the largest budget deficit since independence in 1965.
This year's Budget is expected to target sectors hit hardest by the pandemic, and helping workers and firms adapt and innovate will be a key priority for Budget 2021.
In order to make up for the deficit and to continue to help Singaporeans affected by COVID-19, the goverment might have to find an alternative way to raise revenue. Raising revenue through taxes would likely be a very unpopular opinion. So, how else?
With GE 2020 that was held last July, budget 2021 will be the first for the current term of government. Excited to see what's in store tomorrow!
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