The Fortitude Budget: Helping Businesses and Individuals Adapt and Build Resilience
A new S$33-billion Fortitude Budget was unveiled in Parliament by Deputy Prime Minister and Finance Minister Heng Swee Keat on 26 May 2020. Amid the Covid-19 pandemic, the Fortitude Budget builds on the earlier Unity, Resilience and Solidarity Budgets. It aims to help businesses and individuals adapt and build resilience. This is the fourth Budget in fewer than four months, which is truly unprecedented.
A Third Stimulus: The Solidarity Budget – An Extra Boost to Unity and Resilience Budgets
Just a day before the month-long nation-wide “circuit-breaker” measures kicked in, a third round of support measures was unveiled on 6 April 2020 by Deputy Prime Minister and Finance Minister Heng Swee Keat in Parliament. The Solidarity Budget – so named to rally much-needed unity, mutual support and confidence in the face of the Covid-19 outbreak, dubbed the worst global crisis since World War II – arms Singapore with an additional $5.1 billion in its fight.
Supplementary Budget 2020: The Resilience Budget – Delivering Extraordinary Support in an Unparalleled Time of Crisis
Amid the escalating Covid-19 crisis and a gloomy economic forecast described as “the worst economic contraction since Singapore’s independence”, Deputy Prime Minister and Finance Minister Heng Swee Keat announced a landmark $48 billion Supplementary Budget package on March 26, to deliver “decisive” and timely support to workers, businesses and households.
Budget 2020: Addressing Challenges, Advancing into a New Decade
Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered the 2020 Singapore Budget Statement on February 18 in Parliament. Opening his speech, Mr Heng stressed that growing uncertainties in the global economic climate and the Covid-19 virus outbreak demanded quick responses to address them. Budget 2020 set out a spending injection of $106 billion and registered the highest deficit in a decade $10.9 billon.
Budget 2019: Planning for the future amid global uncertainties
The 2019 Singapore Budget speech was delivered by Minister for Finance Heng Swee Keat in Parliament on February 18. In his speech, he noted that Singapore’s economy grew 3.2% in 2018 in tandem with global expansion. This year, however, global growth is expected to taper, given the greater uncertainties and downside risks.
Budget 2018: Supporting enterprises, capturing new opportunities
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.