Singapore’s Prime Minister Lawrence Wong tackled job security, upskilling and the rising cost of living when he unveiled Budget 2025.

“It will be a Budget for all Singaporeans,” Wong said in a social media post prior to his speech before Parliament today. “It will also be a Budget that involves all of you, and advances our #ForwardSG plans for a stronger and more united society. Let’s move onward together for a better tomorrow!”

His presentation centred on four themes, as earlier reported:

• Economic strategies for continued growth
• Workers’ upskilling and the job economy
• Support for the needs of citizens and residents throughout their life; and
• Establishing a sense of solidarity and unity ahead of Singapore’s celebration of its 60th year of independence.

“We are therefore focusing on looking at what measures we can take, what new policies, programmes and schemes we might be able to put in place to address these concerns,” the prime minister said at a media briefing in November.

Support for businesses and talent

Ajay Kumar Sanganeria, a partner and head of tax at KPMG in Singapore, highlighted a few roadblocks that Singapore-based organisations face.

“Challenges for businesses continue to increase on the back of four key trends: increasing tariffs, rising geopolitical tensions, climate change and related regulations, and the pace of technological change, particularly AI,” he said.

“The key to tackling these challenges is to be ready and stay ahead of the curve.”

Liew Nam Soon, regional managing partner of EY in the Asean, meanwhile, called for the collaboration between the private and public sectors.

“This SG60 Budget is an opportunity to reflect on the responsibility shouldered by the public and private sectors and people in collectively positioning for the next lap of sustainable, inclusive growth,” Liew said.

“Initiatives that support and enable individuals, families and enterprises across different stages of growth and development will be welcome; importantly, active participation of individuals and collaboration among enterprises will be vital to not just achieve but amplify the impact of these initiatives.”

Also Read: Tough year ahead for Singaporeans?

Enhancing business policies and incentives

Singapore’s business community is among the most resilient and adaptable. As People Matters Global recently reported, the country’s economy expanded by 4% in 2024. However, the year ahead will likely resonate with a tone of cautious optimism.

Singapore can achieve this by increasing its investments into tech and talent and streamlining business policies and incentives.

“As a small, open economy, Singapore needs to continue investing in its strengths as a trusted, globally connected investment hub with pro-business policies,” advised experts from PwC Singapore, led by Marcus Lam, the executive chairman.

“Set in an ocean of heightened geopolitical turbulence that creates uncertainty for businesses, Singapore can be an oasis of calm and stability, consistency and reliability. These attributes command a premium for businesses looking for a place where they can find safe harbour and reduce their risks,” Lam said.

Daniel Ho, Deloitte Singapore’s tax and legal leader, believes economic stability requires a sound tax framework.

“Singapore’s projected GDP growth of 1% to 3% in 2025 highlights a balanced outlook for the economy, weighing potential opportunities against global uncertainties and domestic pressures,” Ho said.

“Amidst this landscape, tax policies play a significant role in fostering economic stability as they empower businesses to adapt and innovate while supporting households facing cost of living pressures.

“Deloitte’s recommendations aim to enhance Singapore’s tax framework, positioning it as a cornerstone of stability and competitiveness while ensuring alignment with the nation’s long-term priorities for sustainable growth.”