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Finance Minister Lawrence Wong said Singapore's 2022 Budget will help Singaporeans better manage concerns over cost of living and provide support to sectors that are still facing difficulties.
Budget 2022, which will be announced on Feb. 18, will also focus on measures that will put Singapore in a "stronger position" after the pandemic.
Wong made these statements on Feb. 3 at the Spring Reception 2022, an event organised by the Singapore Chinese Cultural Centre and the Singapore Federation of Chinese Clan Associations.
Budget 2022 is also Wong's first main Budget statement since he was appointed as finance minister in May 2021.
Wong: Budget 2022 taking place amidst "strong and steady" economic recovery
Wong said he was "heartened" that this year's Budget is taking place amidst "a strong and steady recovery of the economy".
However, he said despite this recovery, some sectors continue to face difficulties, such as aviation and tourism.
Budget 2022 will roll out measures to provide support to these sectors, as well as "help Singaporeans manage concerns over more immediate issues like the cost of living".
Good jobs, stronger support systems and a greener home among measures in Budget
Wong also said Singapore needs to "look ahead" and prepare for the post-pandemic world.
The Budget will include measures such as building new capabilities for the future, as well as growing and transforming the economy to create "good jobs and opportunities for all Singaporeans".
"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," said Wong.
Wong: Year of the Tiger symbolises change
Wong said Tiger years "typically signify times of change", and added that beyond Covid-19, there are many other uncertainties that Singapore would face, such as economic and geopolitical challenges.
Wong added that Singapore is in a much better position to handle Covid-19 than it was when the virus first emerged two years ago.
He recalled how the economy shrank by more than 5 per cent in 2020, the worst decline since independence, as a result of the circuit breaker.
He also recounted the tightening of restrictions due to the Delta wave, but how Singapore managed to weather it without having to lock down the entire economy.
He said:
"This year, we are experiencing the Omicron wave. 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.
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."
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Top photos via Unsplash and Lawrence Wong/FB