Lawrence Wong wraps up Budget 2026 debate

Singapore’s economic strategies must adapt to a changed world, said Prime Minister and Finance Minister Lawrence Wong as he wrapped up the debate on Budget 2026 in parliament on Thursday (Feb 26). He said concerns about the country’s AI push are real and the government is taking them seriously. It will invest more deliberately and systematically in Singaporeans and “we will not have jobless growth in Singapore”, he assured the House. Mr Wong acknowledged the cost pressures felt by Singaporeans and said the government is paying close attention to wealth inequality. Singapore’s strong fiscal position is a strategic advantage, he said, adding that inaccurate projections on budget surpluses were not due to overly conservative forecasts. On the GST hike, he said raising it was the only broad-based and sustainable option to fund rising healthcare needs while preserving Singapore’s reserves framework. Mr Wong ended by telling the House that the next phase will not be easy, but that Singapore is entering the new era with considerable strength.