Singapore Budget 2022 – Supporting Today, Strengthening for Tomorrow
On the Road to Economic Recovery
As Singapore continues to grapple with living alongside COVID-19 and other headwinds that continue to have a negative impact on global economies, there is a certain level of cautious optimism brewing along the horizon as the country plans and prepares itself for the road out of the COVID-19 pandemic.
The country has registered an economic resurgence that is stronger than expected in 2021. According to statistics released by the Ministry of Trade and Industry in January, Singapore’s Gross Domestic Product (GDP) has grown 5.9 percent on year in Q4, bringing full year growth for 2021 to 7.2 percent. With the country now further cushioned through a high vaccination rate among the local population, it is now encouraged and even confident to leap head-on into the fray to address various key policy areas that will strengthen its competitive edge and social compact, as well as prepping for a more sustainable and greener future.
Budget 2022 was unveiled by Finance Minister Mr Lawrence Wong on the 18th of February 2022. While the Budgets of the last 2 years were predominantly focused on getting individuals and businesses through the ravages of COVID-19, Budget 2022 has been devised to set its sights on longer-term goals and to nurture the shoots of recovery after recording a stronger than expected economic recovery in 2021.