A budget for SG50: going local to go global

ENDEMIC low economic growth globally has presented fiscal policy challenges to governments. With the US the only bright spot of growth among its major trading partners, Singapore heads into its Golden Jubilee facing strong headwinds in its quest to transform its economy. While this year calls for celebration, the government has avoided overly generous handouts in the 2015 Budget but presented a very measured response to the global and domestic issues facing the nation.

This year's Budget continues the government's twin foci on economic restructuring by promoting productivity and innovation, and continuing to strengthen our social security system. To sustain our past economic successes and promote further growth, the most significant measure this year has to be the SkillsFuture development effort. The emphasis on lifelong learning of every Singaporean, starting from formal education and continuing into their working lives, should provide much needed help to fulfil the aspirations of all. The comprehensive approach to SkillsFuture, which ranges from training subsidies to the SkillsFuture Mentoring programmes, aims to cover all bases.

Continuing the relentless pursuit of economic transformation, the finance minister refined the current suite of broadbased support measures for productivity contained in the Transition Support Package and enhanced the various offerings that seek to spur innovation and internationalisation efforts of Singapore businesses.