Wong, in his first budget as premier, announced a healthy fiscal position. He forecast a surprise budget surplus of S$6.8 billion (roughly $5.1 billion) or 0.9% of GDP for fiscal 2025. Corporate income tax is now the single largest contributor to revenue

The Singpore Budget unveiled on Feb 18 could boost spending and corporate lending and attract investments in green energy and artificial intelligence that could underpin the local stock market, analysts say.

Singapore is likely to boost spending in Lawrence Wong’s first budget as prime minister, offering more handouts to households and businesses ahead of election at a time of heightened global uncertainty and elevated costs at home.