For the first time in five years, Singapore policymakers will have some flexibility in their spending choices that will allow them to use the annual Budget to target longterm economic priorities.
Economists and analysts, who advise big investors on where to deploy their money, are billing Singapore’s Budget 2024 due on Feb 16 as a mission statement on how Singapore plans to confront emerging global and local macroeconomic policy challenges.
The foremost of those challenges is sustaining competitiveness, which is defined as a country’s ability to drive productive growth and, consequently, deliver employment and income growth, and welfare in the form of affordable education and healthcare.
As an export-driven economy, the issue of competitiveness boils down to Singapore’s ability to remain a choice investment venue where local and foreign investors can start new businesses and manufacturing plants, and expand existing ones to sell their services and goods at competitive prices worldwide.
“Unlike the previous Budgets, the core of this year’s Budget is to address long-term issues, unlocking Singapore’s medium-to-longterm potential,” said HSBC’s Asean economist Liu Yun.
Ina similar vein, Ms Selena Ling, head of research and strategy at OCBC Bank, said: In a world fraught with technological disruptions, especially with AI, and climate change, refreshing Singapore’s social compact may have to go hand in hand with reinventing Singapore’s economic competitiveness.”
Analysts expect a host of initiatives aimed at boosting competitiveness from tweaks in the Productivity Solutions Grant PSG) to reduce upfront costs, to grants for all sectors to co-fund expenses relating to artificial intelligence AI) technology acquisition, and also training and upskilling costs.
Diese Geschichte stammt aus der February 15, 2024-Ausgabe von The Straits Times.
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