Singaporeans will go to the polls on May 3 in an election that promises to be watershed against a worldwide backdrop of economic crisis and domestic discontent. The nine-day campaign period — one of the briefest in the world — leaves voters with little time to think through their options in an age of national introspection.
This will be Prime Minister Lawrence Wong’s first high-stakes political trial after he succeeded Lee Hsien Loong when he retired in May. Wong steps into an office long occupied by the People’s Action Party (PAP), which has governed Singapore since long before Singapore became independent in 1965. But despite the fact that the PAP will probably dominate the government again, voter concern indicators are unambiguous.
In the 2020 general election, the PAP’s popular vote fell to 61.2% — a staggering fall of nearly nine percentage points — as citizens voiced their complaints against economic pressures. Those grievances have only increased this year.
Cost of Living Tops Voter Concerns
The one concern that worries voters most in their minds is a high cost of living. While inflation erodes purchasing power and economic expansion slows, the government has presented a S$124 billion ($95 billion) fiscal year 2025 budget aimed at mitigating the hit to families. Supermarket subsidies, aged-care subsidies, and cash handouts to low- to middle-income citizens are included among the proposals.
In response to this, the reaction has been uneven. Individuals appreciate the assistance, but other people think the relief is not enough. Food, rent, child care — essentials are getting harder to find.
Wong, in his first rally speech, acknowledged the economic uncertainty and promised to address cost-of-living and job issues his government’s “first and biggest priority.”
A Housing Market Under Scrutiny
Singapore’s long-running housing debate has also resurfaced. With land being scarce, property remains a pressing issue. Although the rate of growth in private home prices slowed during the first quarter of 2025, prices remained up 3.1% year-on-year, continuing to fuel worries about affordability. For the average voter, however, the problem isn’t prices — it’s equity. Younger Singaporeans worry they will never be able to afford a house here.
Foreign Workers and Employment Competition
Tensions around foreign workers persist. Foreigners make up more than a quarter of Singapore’s 6 million population. As much as their presence is necessary for industries such as technology, finance, and construction, the increasing numbers of them have been raising alarms of competition for jobs and wages freezing. The government is firm that Singapore must remain open to foreign talent in order to maintain its competitive edge. But locals want assurances that their own opportunities will not be undercut in the process.
Global Trade War: A Shadow Over the Campaign
Besides internal challenges, Singapore’s highly globalized economy is suffering from escalating US-China trade tensions. The return of former President Donald Trump to the political limelight has reopened tariff wars, casting a long shadow over Southeast Asia’s trade-dependent countries.
Even though US tariffs on Singapore imports remain at a comparatively low 10%, the spillover has been immense. Singapore reduced its 2025 growth projection to a grim 0% to 2%, far from 2024’s 4.4% growth.
For Singapore, with its total trade three times more than its GDP, global shocks hit it straight and hard. Stable as it is between China, its biggest trading partner, and the US, its chief source of foreign direct investment and foremost security ally, Singapore’s economic diplomacy is being taken to new heights.
A Referendum on the Future
Although the PAP’s dominance has never been seriously challenged at the ballot box, this election hinges more on trust in government — specifically in the post-Lee Hsien Loong era. Is Lawrence Wong able to convince voters that his leadership approach is one of continuity and rejuvenation? Is the PAP able to sufficiently address growing inequality and the tensions of global change?
With only days left until the nation heads to the polls, Singaporeans soon will deliver their verdict — one that may determine the destiny of their nation long after this brief campaign.
