Wong announces additional support for Singaporeans facing rising costs

In unveiling Singapore's 2025 Budget, Prime Minister Lawrence Wong emphasized the government's commitment to supporting citizens facing rising living costs and economic challenges. The budget includes measures such as $800 in CDC vouchers for each household, significant U-Save rebates for HDB households, and educational top-ups for children, all aimed at mitigating inflation effects projected between 1.5% and 2.5%. Wong noted the economy's robust growth of 4.4% in 2024, although growth is expected to moderate to 1.0% to 3.0% in 2025 due to global geopolitical tensions. The budget also focuses on workforce development, tax incentives for businesses, and promoting innovation, particularly in the semiconductor sector. Political analysts suggest this budget is critical for the ruling People’s Action Party, as it prepares for elections while needing to demonstrate sound fiscal management rather than populism. The measures reflect a broader strategy to maintain economic stability and support citizens amidst ongoing global uncertainties.