Budget ‘goodies’ should be modest in 2023, big cash payouts unlikely: economists

THOUGH Finance Minister Lawrence Wong has called the Feb 14 Budget his “Valentine’s Day present” to Singaporeans, not everyone may receive a gift. Inflation fears will likely be tackled by boosting support schemes for vulnerable groups, rather than giving handouts to all, said market watchers.

While the size of the Budget could be comparable to those in recent years, analysts expect the “present” to take the form of specific enhancements to the existing multibillion-dollar package meant to buffer against the goods and services tax (GST) hike.

“The government will take very calibrated measures,” said DBS senior economist Irvin Seah, referring to help for lower-income groups specifically. “It won’t be broad-based; it won’t be a massive, generous Budget.”