A Budget for business that's more than just a safety net

From tech to private credit to workforce transformation, Budget 2025 isn't just about cushioning against uncertainty - it's about seizing the next wave of opportunities.

- Kok Ping Soon

The opening segment of Prime Minister Lawrence Wong's Budget 2025 speech was brief but sobering. Despite the strong economic growth we achieved in 2024, we are entering choppier waters.

For the first half of 2025, there is momentum carried over from last year as businesses front-loaded activities in anticipation of the looming trade war. But the outlook for the second half is less rosy. Geopolitical contestation and economic fragmentation create a potent volatile mix that will generate significant uncertainties for businesses.

As we sail into this approaching storm, PM Wong's Budget announcements on Feb 18 have provided not just a navigational map but also the requisite resources to strengthen our ballast to provide stability while building new capabilities. It's not just about survival but also about thriving in a new global economic order.

The Budget has been warmly received by the Singapore business community. In a dipstick poll of business leaders, about eight in 10 expressed satisfaction with the Budget. And among those polled, about seven in 10 indicated that Budget 2025 boosted their confidence, either slightly or significantly, in Singapore's business environment over the next 12 months. The majority of businesses are reassured that the Government has their back and has reaffirmed the importance of economic growth.

Budget 2025 is substantive for businesses and has struck a triple balance. First, it addresses their immediate concerns while strengthening the economic infrastructure to ensure future competitiveness. Second, resources are dedicated to strengthening both enterprise and worker capabilities. Third, efforts to attract global talent are balanced with support to our local talent.

EASING COSTS WHILE INVESTING IN THE FUTURE