To understand the impact of the 2023 budget, we should first appreciate the economic context — how is the economy likely to fare, and what needs fixing? With these in mind, we will be able to assess whether the various measures in the budget are up to the task and how effective they will be.
For countries such as Singapore — which follow the Westminster form of government — the annual budget statement on Feb 14 is one of the most important political speeches of the year.
It goes beyond just providing a dollars and cents account of how the government will raise funds and where it will spend these monies for the coming year. Deputy Prime Minister and Finance Minister Lawrence Wong also used the occasion to articulate the country’s challenges and opportunities and explain what the government plans to do about those issues.
