No Match Found
Beyond managing COVID-19 challenges, this year’s Budget sets out the agenda for future growth through new ways of working, collaborating and connecting for inclusive growth across both enterprises and the Singapore workforce. Watch our video for a quick overview of our commentary in a minute.
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Watch our video for a quick overview of our commentary in a minute.
COVID-19 has clearly rattled Singapore's economy. But Budget 2021 shows that the Government is determined to focus on the positive with a strong emphasis placed on sustainability. Read our commentary in The Business Times to learn more about where our leaders, Chris Woo, Abhijit Ghosh, and Eu-Lin Fang see opportunities.
A significant portion of this year’s Budget was set aside to provide continued support to individuals and businesses in the worst hit sectors to tide them through the pandemic. Given the success of the measures in propping up the economy last year, the extension of these measures are welcomed by businesses and individuals.
The Government is taking bold steps to encourage the adoption of digital technologies, create new sources of capital to spur growth of local enterprises, and enhance our tax system to best position Singapore for capturing new business opportunities in the post-COVID-19 world. All of this and more, while keeping an eye on the COVID-19 ball. As Prime Minister Mr Lee Hsien Loong said, “When the sun shines again, we must be ready to seize the new opportunities.”
It is encouraging to see that the Government has the foresight to take action not only to mitigate risks but also create opportunities amid challenges led by climate change. Focus on national development in a sustainable manner is key to reaping significant rewards in the digital future.
The Budget also provides measures to continue supporting philanthropy and volunteerism to ensure the vulnerable and needy groups in society are cared for, given they are hit much harder by the economic fallout from the pandemic. Non-tax measures to enhance enterprise capabilities and workforce development were also announced.
Sustainability and Climate Change Practice Leader, Partner, PwC Singapore
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