SINGAPORE – Prime Minister and Finance Minister Lawrence Wong will deliver the highly anticipated 2025 Budget statement at 3.30pm on Feb 18 in Parliament. This will be his first Budget as Singapore’s Prime Minister and is expected to focus on economic strategies, job opportunities, social support, and fostering national unity as the country celebrates its 60th year of independence (SG60).
In a Facebook post on Feb 17, PM Wong shared a picture of himself holding a folder titled Onward Together For A Better Tomorrow. He emphasized that the Budget will address concerns raised by Singaporeans and advance the nation’s Forward SG plans, ensuring a stronger, more united society.
How to Watch the 2025 Budget Speech
Singaporeans can watch PM Wong’s Budget speech live via a webcast on the Singapore Budget website, as announced by the Ministry of Finance on Feb 3. The speech will also be streamed on The Straits Times website. Readers can subscribe to ST’s Evening Update for a special-edition Budget newsletter.
Key Themes of Singapore Budget 2025
During a press conference on Nov 8, 2024, PM Wong outlined four key themes for Budget 2025:
- Economic Strategies for Future Growth – Strengthening Singapore’s economy with long-term strategies to stay competitive in the global market.
- Skills Upgrading and Job Opportunities – Enhancing career prospects and skills development for workers across different industries.
- Support Across Life Stages – Addressing concerns related to cost of living, healthcare, education, and retirement.
- National Unity and Solidarity – Strengthening social cohesion as Singapore marks SG60.
Why Government Budgets Matter
Budgets are at the core of any administration’s policy agenda, shaping the country’s economic and social landscape. Singapore’s Budget plays a crucial role in:
- Managing economic cycles through fiscal policies that promote stability.
- Ensuring fair wealth distribution through taxes and subsidies.
- Supporting national development through infrastructure and human capital investments.
With the global economic environment becoming increasingly volatile, fiscal sustainability remains a priority. Singapore’s disciplined approach to financial planning ensures that spending remains balanced and sustainable.
Singapore’s Unique Budgeting Framework
Singapore’s Budget is guided by principles of transparency, accountability, and long-term planning. Key features include:
- Forward SG Initiative: Aligning Budget measures with national aspirations and citizen feedback.
- Intergenerational Fairness: Maintaining a balance between current and future spending.
- Efficient Resource Allocation: Encouraging cross-agency collaboration and retaining financial flexibility to address emerging challenges.
In 2023, the Ministry of Finance introduced medium-term fiscal projections to enhance transparency and guide long-term planning. Singapore’s approach to budgeting has been recognized by the OECD as a model for fiscal prudence and innovation.
What to Expect Next?
As Budget 2025 is unveiled, key areas of focus will include measures to manage cost of living, employment stability, and social support. Policies aimed at digital transformation, climate resilience, and economic diversification may also feature prominently.
With PM Wong emphasizing inclusivity and progress, Budget 2025 is expected to set the stage for a prosperous and united Singapore. Stay tuned for more updates on how these policies will impact individuals and businesses.
