Against the backdrop of Singapore’s GDP growth of 3.6% for 2017, which exceeded even the government’s forecast, Minister for Finance Heng Swee Keat delivered the Singapore Budget on February 19. The thrust of Budget 2018 was based on the three major shifts that will affect the Singapore economy over the coming decade. These were identified by Mr Heng as the shift in global economic weight towards Asia, the emergence of new technologies, and the issue of ageing. While the expected increase in the Goods and Services Tax (GST) loomed large for most observers, the government framed this and other measures in Budget 2018 as part of its “strategic and integrated plan” to position Singapore for the future.
Shortly after the Budget announcement, the Institute conducted a Post-Budget focus group discussion, with participants from key trade associations and chambers (TACs).
Please clickhereto read more about Budget 2018 and the key insights gathered from the focus group.