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After a strong year, this Singapore Budget faces tough choices

Fiscal discipline and a spirit of innovation will be needed at a time of many competing needs.

In his Budget speech on Feb 18, 2025, PM Lawrence Wong unveiled a slew of short-term support alongside longer-term measures for the future.

Singapore’s gross domestic product grew by an estimated 4.8 per cent in 2025, the highest since 2021.

ST PHOTO: LIM YAOHUI

Terence Ho

2025 was likely a banner year for Singapore’s public finances.

Singapore’s gross domestic product grew by

an estimated 4.8 per cent

, the highest since 2021. The widely anticipated fallout from US President Donald Trump’s “Liberation Day” tariffs announcements has not materialised – at least not yet – though the mercurial US leader has once again put markets on edge this year with new tariff threats. Stock markets in the US and notably Singapore have

powered to new highs

and corporate earnings have been strong.

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