Set against a backdrop of geopolitical and economic uncertainties, technological disruptions and anti-globalisation sentiments, the measures announced in Budget 2017 are geared towards transforming Singapore into a nimble and adaptable economy.
The business-centric measures have been very targeted: short-term relief for firms suffering from cyclical downturns, digital transformation efforts and skills-based restructuring for affected industries; and equipping high-growth companies with the right resources to thrive globally.
Given the current business climate, it had been hoped that more would be done to help companies and individuals cope and transition smoothly. For example, many looked forward to an extension of the Productivity and Innovation Credit (PIC) Scheme while others had personal relief enhancements on their wish lists.
Still, there are some noteworthy key measures: