Minister of Finance Lawrence Wong, said on 3 February that the upcoming Budget 2022 will help Singaporeans with the cost of living, as well as providing support for sectors that are having difficulties.
Wong was speaking at the Spring Reception 2022, organised by the Singapore Federation of Chinese Clan Associations and the Singapore Chinese Cultural Centre.
The Budget 2022 is set to be announced on 18 February, and it will be focusing on measures that will put Singapore in a stronger position following the pandemic.
It is also set to be Lawrence Wong’s first budget statement since being appointed the Minister of Finance and taking over from his predecessor, Heng Swee Keat.
Economy recovering
Wong said that the budget will be taking place in the midst of a strong and steady recovery of the economy, and that he is heartened.
However, with that being said, some sectors such as aviation and tourism are continuing to face difficulties, and the budget aims to provide support to these industries.
Wong said that the budget will “help Singaporeans manage concerns over more immediate issues like the cost of living.”
Looking ahead
He also said that Singapore needs to start looking ahead and get ready for a world after the pandemic, and the budget will include measures to build new capabilities and transform the economy to create “good jobs and opportunities for all Singaporeans.”
He said:
“We will strengthen our social support system, to give Singaporeans greater assurance to cope with life’s uncertainties. We aim to forge a fairer, more inclusive, and a greener home for us and our future generations, so that all of us can continue to be proud to call Singapore our home.”
Times of change
Wong also called the Year of the Tiger “typically signify times of change”, and that after the pandemic, Singapore faces uncertainties such as economic and geopolitical obstacles.
He also reflected on the shrinking of the economy by 5% in 2020, the worst since gaining independence.
“This year, we are experiencing the Omicron wave. The daily infected cases are higher than before. But fortunately, the vast majority of vaccinated persons only have mild symptoms. So, we will do our best to ride through this Omicron wave without having to tighten our existing measures.
With each wave, we have strengthened our defences and become more resilient. So, I am confident that in this Year of the Tiger, we will be able to make further progress in our journey towards living with Covid-19.”