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President Tharman approves record Budget, says S’pore must keep looking far ahead
President Tharman also warned that the next pandemic might “come sooner than we hope”. PHOTO: MDDI
Sue-Ann Tan
Mar 19, 2025
SINGAPORE - President Tharman Shanmugaratnam has approved 2025’s bumper Budget, he said in a Facebook post on March 19.
The record $143.1 billion spending plan is the last Budget of the current term of government.
The President added: “A habit we must never lose in Singapore: looking far ahead. So even as we deal with today’s problems like the cost of living, we also protect ourselves against future problems – and build opportunities for Singaporeans to do well, come what may.”
In fact, he said, the only way to stay optimistic is to be prepared for things going wrong.
This matters more than ever before, he added in his post.
“Economic and geopolitical disruptions must now be expected, in a world of growing disorder,” he said.
President Tharman also warned that the next pandemic might “come sooner than we hope”.
“Scientists warn that the next time around things could be worse – a disease that spreads more easily among humans, and is more deadly, than what we just experienced,” he said.
In addition, climate change is approaching dangerous “tipping points”, which once crossed, means changes become harder to control, such as extreme weather, bigger sea-level rises and a more rapid loss of biodiversity.
But he added: “We don’t need to overthink this. We are basically lucky to be prepared.
“Singapore’s whole approach to government budgets over many years, and the rules that safeguard the reserves that have been built up, may have appeared conservative to many observers as recently as two decades ago. It is now a lifeline to a future of growing insecurity everywhere.”
His words echoed what Prime Minister Lawrence Wong said in his round-up speech to the Budget debate in Parliament on Feb 28.
Responding to MPs who questioned the need for moves like raising the goods and services tax, the Prime Minister said: “This government will never take risks with Singaporeans’ lives and future.
“We spend within our means; and if there are new or additional areas of need, we raise revenues to meet these new demands. We always ensure that we have enough rather than risk falling behind and falling short.”
PM Wong had noted that the entire global system is changing, with the multilateral trading system weakened by growing protectionism. Countries are also focusing more on their own defence and security interests, he said.
All these will disadvantage small and open economies like Singapore, PM Wong had said.
“That’s why we have to be prepared for tougher competition, and do what we can to stay in the game,” he said.
