How Singapore's Budget nearly doubled in a decade – and where the money's going

As Prime Minister and Finance Minister Lawrence Wong prepares to deliver Budget 2026, economists expect a continued focus on long-term investments over short-term handouts. Asst Prof Chua Yeow Hwee, an economist from NTU, pointed to sustained funding for productivity and skills, noting that “productivity policy has broadened beyond traditional firm-level upgrading and training, to include frontier capabilities such as advanced technology adoption, artificial intelligence and strategic sector development”. He added that higher spending on skills and lifelong learning reflects a policy emphasis on human capital, saying: “This pattern is consistent with a policy emphasis on human capital as a central driver of productivity growth.”

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