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J.P. Morgan On Singapore's Budget

SINGAPORE
  • J.P. Morgan: "Singapore’s FY2024 budget pencils in a budget deficit of 0.4% of GDP and an estimated fiscal impulse of 0.1% of GDP. This is set against a backdrop that pencils in growth of between 1-3%oya (JPMorgan: 0.7%oya) and a broadly neutral output gap.

    A focus on households and upskilling - The general thrust of the budget appears to be one that focusses in the near-term on households, especially cost of living, and in the longer term on providing more support for the SkillsFuture program which is focused on upskilling workers through educational and training grants. Under SkillsFuture, in recognition of the changing business environment, the budget provides for a temporary financial support scheme to support retrenched workers. This marks a notable change in support for labor redundancies.

    For households, the budget via the assurance package has set aside S$1.9 billion (0.3% of GDP) in transfers to manage the increased cost of living. In addition to the assurance package, for business, transfers to businesses via the Enterprise Support Package amount to S$1.3billion (0.2% of GDP) to manage costs. Aside from transfers and grants, the budget has also reduced effective property taxes by raising the Annual Value (AV, estimated value of rentals) bands."
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