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Independent Singapore
24-05-2025
- Business
- Independent Singapore
2/3 of Singaporeans want new government to prioritise action on cost of living—YouGov poll
SINGAPORE: A YouGov poll published after the May 3 polls has shown that while a sizable number of Singaporeans are satisfied with the election results, younger people are less optimistic about the city-state's future. Moreover, the majority of those polled want the incoming Government to focus on managing living costs. YouGov spoke to 1533 Singaporeans aged 21 and older between May 4 and 9. Among them, 56% said they were satisfied with the GE's outcome. Moreover, 50% said they feel optimistic about Singapore's future under the newly elected government. However, when the survey's results are broken down by age, the number of respondents who are satisfied with the election's results shows a difference. While 62% of Baby Boomers, those born between 1946 and 1964, say they're satisfied with the GE results, only 47% of first-time voters belonging to Gen Z expressed the same sentiment. Similarly, 56% of Baby Boomers and 50% of Millennials, those born between 1981 and 1996, expressed optimism about Singapore's future under the new government, while only 37% of Gen Z said the same. Cost of living was revealed to be the top issue for all voters, and almost half (48%) said that the party they voted for effectively addressed the issue. Around a quarter of respondents said that the parties they chose effectively handled housing affordability (27%) and the Goods & Services Tax (25%). Screenshot When asked what they would like Prime Minister Lawrence Wong's new government to prioritize, 66% chose action on the cost of living, saying it is the top issue that needs attention. Following the cost of living are housing affordability and availability (30%), healthcare, job security, and economic stability (about 25% of respondents). The respondents were also asked whom they voted for, with 41% saying they voted for the ruling People's Action Party (PAP). Meanwhile, 9% said they had chosen the Workers' Party (WP). Significantly, more than a third (36%) of the respondents opted not to reveal whom they had voted for. 'Among PAP voters, there is particular emphasis on the government's continued focus on economic growth, alongside tackling other major concerns,' YouGov noted As for which factors influenced voters' decision-making, 40% of respondents cited the track record of the party or candidate, while 21% cited a party's manifesto. Fifteen per cent said they took the personality or character of the candidate into consideration. Interestingly, 52% of those who voted for the PAP said the party's track record mattered most to them, while 38% of those who voted for the Progress Singapore Party (PSP) said they were more likely to be influenced by the party's manifesto. Meanwhile, 54% of those who chose the Singapore Democratic Party (SDP) focused on candidates' personality and character. /TISG Read also: Australian think tank piece says GE2025 results mean Singaporeans have become 'incredibly savvy voters'
Bloomberg
22-05-2025
- Business
- Bloomberg
Singapore DPM Says Holding Geopolitical Neutrality Not Possible
Singapore's Deputy Prime Minister Gan Kim Yong said neutrality is not possible, highlighting the rising challenges for the city-state that has long sought to tread a diplomatic tightrope amid US-China trade tensions. 'If you try to be neutral and walk the middle road, the road is getting narrow and narrower, eventually you will be at a knife's edge and you won't be able to stand on it,' Gan said at a conference hosted by UBS Group AG in Singapore. 'The key is we have to take sides, we have to take position, we have to do so based on principles.'
Independent Singapore
06-05-2025
- Business
- Independent Singapore
Financial giant Nomura raises 2025 unemployment forecast to 2.4%
SINGAPORE: Nomura has raised its forecast for Singapore's unemployment rate in 2025 to an average of 2.4%, up from its earlier estimate of 2.0%. The financial services group also lifted its 2026 forecast to 2.9%, from 2.2% previously, Singapore Business Review reported. In their Asia Insights report, economists Euben Paracuelles and Charnon Boonnuch said the group raised its 2025 unemployment rate forecast due to the 'surprising uptick' of unemployment in the first quarter (Q1) and the weaker hiring outlook for firms. Analysts also pointed out that the potential economic impact of US tariffs could add more pressure on trade-dependent sectors in the second half of the year. Last week, the Ministry of Manpower (MOM) announced that employment growth in the city-state slipped in Q1, with only 2,300 more people hired . This was lower than the 7,700 jobs created in the last quarter of 2024 (Q4 2024) and below the 3,200 growth during the first quarter of last year (Q1 2024). MOM cited that the slowdown was more evident in 'outward-oriented sectors', including professional services, manufacturing, and information and communications. Citizen unemployment climbed to 3.1%, while resident unemployment edged up to 2.9%. The hiring outlook also weakened, with MOM data showing that only 40.5% of employers are planning to hire in the next three months, the lowest since the survey started in 2020. Fewer firms also expected to raise wages, falling to 21.7% from 31.6%. Retrenchments fell to 3,300 from 3,680 in the previous quarter, with MOM acknowledging that there is 'a shift in labour market momentum' in Q1. According to the ministry, retrenchments were mainly due to business reorganisation or restructuring. Despite the softer labour outlook, Nomura kept its 2025 core inflation forecast at 0.9%, pointing to muted wage pressures and hiring restraint. The group said easing labour market conditions and likely slower wage growth suggest that 'underlying inflation pressures will remain subdued throughout 2025.' Callam Pickering, APAC senior economist at Indeed, recently said that ongoing geopolitical and economic uncertainty could affect job creation in Singapore for the rest of 2025. /TISG Read also: Malaysia's unemployment rate drops in January 2025 Featured image by Depositphotos (for illustration purposes only)
