"The Path Forward: Singapore’s 2025 Election and Global Economic Trends"

 


"The Path Forward: Singapore’s 2025 Election and Global Economic Trends"

By: Rioberto Sidauruk, Political and Economic Columnist

On May 3, 2025, the People’s Action Party (PAP) of Singapore achieved a resounding victory in the general election, securing 87 out of 97 parliamentary seats and winning 66% of the popular vote, a significant increase from 61% in 2020.

This victory not only solidifies PAP's political dominance, which has spanned over six decades, but also marks the first major test for Prime Minister Lawrence Wong, who succeeded Lee Hsien Loong in 2024. Wong emphasized that this outcome is a strong signal of public confidence in the country’s stability and enduring leadership, particularly amid the ongoing global uncertainties.

Impact on Singapore’s Economy
As a nation heavily reliant on international trade, Singapore faces significant challenges amid global trade tensions, particularly those triggered by the tariff policies under U.S. President Donald Trump.

With trade volumes exceeding three times its GDP, Singapore is highly vulnerable to supply chain disruptions and rising import inflation. Economic growth projections for 2025 are expected to be in the range of 0-2%, a decrease from earlier estimates of 1-3%.

In response, the Singaporean government has allocated substantial household subsidies to mitigate the rising inflation and cost of living pressures. While these measures are crucial, the long-term impact of global trade tensions remains a major concern for Singapore's economy.

Impact on Indonesia

As one of Indonesia's key trading partners, Singapore plays a critical role in the country’s economy. Investments from Singapore in Indonesia are valued at approximately IDR 884 trillion, with major sectors such as infrastructure, renewable energy, and digitalization being the focus.

The PAP’s victory could strengthen Singapore's commitment to long-term investments in Indonesia, particularly in strategic projects such as the development of the new capital city, Nusantara.

However, the global economic uncertainty could affect the flow of foreign investments. Indonesia will need to ensure that its domestic policies remain attractive to foreign investors and maintain economic stability to mitigate the potential negative impacts of global trade tensions.

Impact on the Global Economy

The PAP's victory also carries significant implications for the global economy. As a major financial and trade hub in Southeast Asia, Singapore’s economic policies can influence investment flows and market stability in the region.

The measures taken by the Singaporean government to address global trade tensions will serve as an important reference for other nations facing similar challenges.

Singapore, A Model For Other Countries.

The PAP's victory in the 2025 election strengthens the image of continued political stability in Singapore. However, the ongoing global economic challenges, particularly those related to international trade tensions, require Singapore to adopt carefully considered and adaptive policy strategies.

For Indonesia, it is crucial to maintain strong bilateral relations with Singapore and implement domestic policies that support investment and sustainable economic growth. Globally, Singapore’s response to these economic challenges will serve as an important example for other nations facing the dynamics of the international economy. (r10)

 

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