Singapore Budget 2021 Feedback has been saved
Analysis
Singapore Budget 2021 Feedback
Making our mark
Digitalisation has shown us how we could remain connected to the world and operate on a global scale even when we were grounded. Things once considered impossible, are now made possible. The impetus to strengthen and develop the innovation ecosystem is necessary to continue moving the economy forward.
A new normal awaits.
2020 seems to fly by in a flurry of events that for most of us, bring little memories to cheer about. Notably, several rounds of measures were announced over the course of the year to support businesses and workers to overcome the immediate challenges arising from COVID-19. These support measures have been helpful for many businesses, but do not resolve the bigger existential issues for businesses. Businesses—whether big or small—returned to the drawing board to see if they should continue doing what they do best or to pivot to new areas. Short-term relief measures could continue to be extended at a smaller scale as the economic recovery for some businesses may take some time.
Technology and innovation remains Singapore’s key engines of future economic development. While we started out on this journey early, our work is not quite completed. Digitalisation has shown us how we could remain connected to the world and operate on a global scale even when we were grounded. Things once considered impossible, are now made possible. The impetus to strengthen and develop the innovation ecosystem is necessary to continue moving the economy forward.
2020 could be seen as a year of reset—of how we envisage moving forward as a society and community. During this time of economic uncertainty, a lingering sense of job insecurity among workers is understandable. COVID-19 has sharpened and accelerated the need for change in almost every facet of our lives. Skills that we were once proud of may become irrelevant in the future. A “life-long learning” mindset should be ingrained in every worker, young and mature, as we start to embrace the new normal.
As such, it is time to make our mark on the global stage, together. No business or individual is, or has been, spared during this crisis. Starting on a new journey together has never been easy and we believe that Budget 2021 will be a well-defined plan for the future.
Deloitte Singapore is pleased to share our proposals as we look forward to making our mark, together.
For more details, please visit Singapore Budget 2021.
