Singapore Budget 2023 to adopt five-pronged approach: analyst

With pandemic-related risks likely a thing of the past, the focus will be on building Singapore's medium- to long-term priorities in technology, innovation, and enterprise

The government will likely address five areas of concern in the 2023 budget to ultimately achieve its goal of developing Singapore's competitiveness and strengthening its social safety nets, RHB Senior Economist Barnabas Gan said.

In a report, Gan said the budget will focus on helping Singapore stay relevant and viable in tomorrow's world, helping the vulnerable and lower-income, supporting businesses, developing a skilled workforce, and developing a sustainable and green Singapore.

For Singapore to stay economically relevant and viable, Gan said the nation must invest in new capabilities and strengthen its digital capabilities. "With pandemic-related risks likely a thing of the past, we think the focus will be on building Singapore's medium-to-long-term priorities in technology, innovation and enterprise... We expect policymakers to earmark monies to invest in Singapore's broadband infrastructure, especially for future technologies such as 6G," Gan said.