What’s next for Singapore and the world in 2023?
The Straits Times looks ahead to the biggest issues of the new year, from the possibility of a recession to the rise of quantum computers.
Singapore
January 1 GST hike
GST goes up to 8 per cent. But it is accompanied by an Assurance Package – to be disbursed over five years – to cushion the impact on lower- and middle-income citizens. About 2.9 million adult Singaporeans got up to $200 in cash as part of the package in December 2022, and every Singaporean household will get $300 in CDC vouchers in January 2023.
Return of the tourists
As flights and travel resume, expect tourist arrivals to go back to a pre-Covid-19 normal – unless a more virulent variant of the virus returns.
Budget booster
Will there be more help for Singaporeans amid the uncertainty? About 2.5 million eligible adult Singaporeans got a one-off Cost of Living special payment of up to $500 in December 2022 to help them cope with rising prices. As inflation looks set to remain high, some expect more help to be disbursed, especially to those in greater need. Read More…
