In Singapore’s upcoming election on May 3, 2025, cost-of-living concerns dominate voters’ minds as 2.76 million head to the polls. Named the world’s most expensive city in 2024 by Julius Baer, Singapore faces economic challenges, including potential U.S. tariffs and a softening economy, raising recession fears.
Economic woes
The ruling People’s Action Party (PAP), led by Prime Minister Lawrence Wong, is expected to win most seats, continuing its dominance since 1965. However, voter dissatisfaction with the PAP’s handling of cost-of-living issues, housing affordability, and inequality may impact its popular vote share. An April 2024 Blackbox Research poll showed the government’s lowest ratings on cost-of-living (52%), goods and services tax (55%), inequality (57%), car prices (58%), and housing affordability (59%), though still net position.
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