SINGAPORE: As the General Election approaches in 2025, looming economic uncertainties and the escalating cost of living are taking centre stage. With heightened concerns over job security, political parties are now rallying to present their strategies in an effort to soothe the anxieties of citizens.
Global Economic Landscape
The International Monetary Fund has recently downgraded its global growth forecast for this year to 3.3 per cent from the previous 2.8 per cent. This decline is largely attributed to increasing trade tensions, particularly due to ongoing tariff measures from major economies such as the United States, which have far-reaching effects on countries around the globe.
Local Impact on Singapore’s Economy
In response to these global challenges, Singapore has also revised its growth forecast for 2025 to a range of 0 per cent to 2 per cent. Economic analysts suggest that such figures may lead to tougher times ahead for both businesses and workers.
Political Party Proposals
With rising costs and economic pressures on the minds of Singaporeans, the five political parties contesting the most seats have unveiled critical proposals aimed at bolstering economic resilience. Here are some highlights:
- Cost of Living Initiatives: Various parties are pitching creative ways to alleviate the financial strain on households, including subsidies, tax breaks, and consumer support programmes.
- Job Security Measures: Strategies designed to protect jobs amid shifting economic landscapes are being emphasised, including supports for industries at risk.
- Support for Businesses: Efforts to enhance the operational capabilities of local businesses are also in focus, with plans to simplify regulations and boost innovation.
Notably, the People’s Alliance for Reform (PAR), despite contesting the joint-fourth highest number of seats, has not yet released its manifesto, leaving many curious about their stance on these pressing issues.
Looking Ahead
As the campaign heats up, Singaporeans will be keenly watching how these proposals align with their everyday experiences amid a rapidly changing economic environment. The outcome of the 2025 General Election could determine not only the political landscape but also the future economic conditions affecting all citizens.