On May 3, 2025, Singapore’s ruling People’s Action Party (PAP) celebrated a decisive victory in the country’s 14th general election. Prime Minister Lawrence Wong led the party to secure 87 out of 97 parliamentary seats, a significant win amidst global trade challenges.
Voter turnout was at a record low of 92.47%, as reported by local media. This election was particularly important for Wong, marking his first as prime minister. He achieved a vote share of 65.57%, up from 61.2% in 2020. This improvement is notable, as previous leaders saw a decline in their first elections.
The PAP has governed Singapore since 1959, and Wong’s rise comes at a critical time. His leadership focuses on pressing issues like the cost of living, job growth, and economic stability. Wong, who doubled as the finance minister, took over from Lee Hsien Loong in May 2024. Lee still plays a role as Senior Minister in Wong’s cabinet.
After the election, Wong expressed gratitude and emphasized that Singaporeans have given the PAP a strong mandate. He pointed out that this victory sends a message of stability and trust, not just within Singapore but also to the international community.
This sentiment was echoed by global leaders. The U.S. State Department congratulated Wong and expressed eagerness to collaborate on economic and defense matters. Similarly, European Commission President Ursula von der Leyen highlighted the deepening partnership between the EU and Singapore in trade, investment, and security.
However, Singapore faces economic headwinds. The country’s GDP growth forecast has been downgraded to between 0% and 2%. In the first quarter, GDP growth was only 3.8%, prompting warnings from Wong about a potential recession in 2025. Singapore’s monetary authority had already eased policies earlier this year in response to these challenges.
To address economic uncertainties, Wong formed a task force led by Deputy Prime Minister Gan Kim Yong. This initiative aims to help businesses and workers adjust to ongoing trade issues, including U.S. tariffs. In April, Singapore requested concessions on pharmaceutical exports to the U.S. and explored ways to strengthen controls on high-end AI chips, as discussed in a recent meeting with U.S. officials.
Historically, PAP leaders who assumed office did not see an increase in vote share. For instance, both Goh Chok Tong in 1991 and Lee Hsien Loong in 2006 experienced a decline in support during their first elections. Wong’s success marks a different trend, possibly reflecting changing voter sentiments.
As Singapore navigates its complex political and economic landscape, all eyes will be on Wong’s leadership and how he tackles these pressing challenges. The outcome of this election signals not just a continuation of PAP governance but a crucial moment for the future trajectory of Singapore.
Source link
Elections,Asia Economy,business news