Budget 2022 will help Singaporeans manage cost of living, provide support for sectors facing difficulties: Lawrence Wong
SINGAPORE: This year's Budget will help Singaporeans manage concerns over “more immediate issues” like the cost of living and provide support for sectors facing difficulties, said Finance Minister Lawrence Wong on Thursday (Feb 3).
He will deliver the 2022 Budget statement in Parliament on Feb 18.
“We are heartened that the Budget is taking place amidst a strong and steady recovery of the economy,” said Mr Wong.
“Amidst this backdrop, we know that a few sectors continue to face difficulties. For these sectors we will provide support. We will also help Singaporeans manage concerns over more immediate issues like the cost of living.”
The Government will “have to look ahead” and focus on measures that will put Singapore in a “stronger position” after the COVID-19 pandemic, said Mr Wong.
“We will build new capabilities for the future. We will continue to grow and transform our economy, and create good jobs and opportunities for all Singaporeans,” he added.
“We will strengthen our social support system to give Singaporeans greater assurance to cope with life’s uncertainties. We aim to forge a fairer, more inclusive and a greener home for us and our future generations, so that all of us can continue to be proud to call Singapore our home.”
The Finance Minister was speaking at Spring Reception, an annual event - held virtually this year - organised by the Singapore Chinese Cultural Centre (SCCC) and Singapore Federation of Chinese Clan Associations (SFCCA).
Singapore is in a “much better position today” than when COVID-19 first emerged two years ago.
Mr Wong recalled how as a result of the “circuit breaker” that was imposed in 2020, the economy shrank by more than 5 per cent, Singapore's worst recession since independence.
He also noted the tightened restrictions when the Delta variant hit in 2021 and current wave of infections from the Omicron variant, said Mr Wong.
“The daily infected cases are higher than before. But fortunately, the vast majority of vaccinated persons only have mild symptoms. So, we will do our best to ride through this Omicron wave without having to tighten our existing measures,” he added.
“With each wave, we have strengthened our defences and become more resilient. So, I am confident that in this year of the tiger, we will be able to make further progress in our journey towards living with COVID-19.”