In a joint commentary, SMU Associate Professor of Economics (Practice) Tan Swee Liang and her co-authors discussed how small and medium-sized enterprises (SMEs) can make use of policies outlined in Budget 2023 to help elevate their businesses. They observed that these measures are designed to allow local businesses to nurture stronger international competitiveness and support corporate innovation. They concluded that SMEs have the opportunity to realise their potential and contribute to higher productivity and wage growth in Singapore.