Around this time every year, all eyes are on the Finance Minister as he tables the latest Budget for the coming year.
With the COVID-19 situation wreaking havoc on the economy, it was widely expected for the Government to table another expansionary Budget. Budget 2020 largely planned to allocate investment for SMEs amidst economic headwinds, but the rise of COVID-19 in March derailed those plans.
Budget 2021, themed “Stand United, Together we Prevail”, saw some of the most economically vulnerable groups given focus, especially with regards to long-term goals aimed at elevating living standards. Education and digital growth in particular received a huge allocation in order to provide future-proofing for the future.
Economically, 2021 is widely seen to be a challenging year ahead. Aside from the COVID-19 pandemic, domestically, high Government debt levels and an ever-increasing wealth gap are plaguing Malaysians. Externally, the prospect of a full-blown US-China trade war, a cooling worldwide economy, as well as global strife and tensions present a unique set of challenges for continued Malaysian economic growth.
In line with the country’s aim of becoming a highly-skilled, high-income nation and achieving its Shared Prosperity Vision 2030, Budget 2020 also included several allocations for various groups—from the bottom 40 per cent (B40) income segment, to corporate Malaysia, public transport, technology, and of course SMEs.
UNPRECEDENTED CHALLENGES
2020 has been a tumultuous period for Malaysia. The spread of COVID-19 has not only taken lives, but also stifled economic activity. This is an unprecedented crisis, and the world has no guidelines or measures that can be used as reference.
This story is from the November - December 2020 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November - December 2020 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Cloud- Driven Recovery
With digital transformation being an important catalyst for Malaysia’s inclusive economic recovery, cloud computing plays an important role that enables . the country to acquire the advantages that technology offers.
Live Werkz: Venturing Beyond Southeast Asia
Being forward-looking in its approach has enabled LiveWerkz Pte Ltd to survive the Covid-19 pandemic, says vice president Tricia Ng. Despite being a Singaporean company, the company does not focus its efforts in the Southeast Asia region. Instead, Greater China and the Middle East become the foundation for its businesses. Ng tells SME the company’s strategies in facing a challenging future.
Singapore's Go Digital Well Received
More than 78,000 of Singapore’s SMEs have participated in the country’s Go Digital programme since its 2017 launch, with more about 40,000 becoming participants last year, including 30,000 that received Covid-19 incentives from the government.
Accountants And SMEs: Creating A Sustainable World
For SME finance professionals, ‘sustainability’ is about achieving longevity. However, there is a confusion over different definitions of sustainability. They recognise the growing importance of tackling sustainability issues but lack the understanding of how doing this can be integrated into day-to-day practices within the finance function.
Rebuilding Our Mental Well-Being In Sales
Sue Barrett is a writer, training provider and entrepreneur who founded Barrett in 1995 to positively transform the culture, capability and continuous learning of leaders, teams and businesses.
Omicron: A Test Of Resilence
Global manufacturers have been facing a supply chain crisis since the start of the year. Just as it appeared that the situation was beginning to stabilise, the Omicron Covid variant reared its ugly head.
Silver Lining In The Cloud
Although RAS Security Pte Ltd’s business was adversely affected by the pandemic, there’s a silver lining in the cloud. The occurrence has necessitated the company to innovate its business model to remain viable and led to the discovery of new areas of security service provision. Managing director Tejdeep Singh shares his journey.
Accelerating Artificial Intelligence
Singapore is introducing two new public artificial intelligence (AI) programmes as part of the strategy to use technology for social and economic good, involving a total allocation of S$680 million to accelerate AI research. The latest initiatives require a funding of S$180 million.
Three Tips For Hiring Top Talents
BIG EGOS LOSE TALENTS First up, when it comes to hiring, you must put aside your ego.
The Economy Is Recovering, But What About People?
All signs are pointing towards a speedy recovery. Contrary to what this writer initially predicted, the economy seems to be genuinely recovering.
