Singapore: Voters Opt for Stability in Turbulent Times

Singapore's May 3 elections resulted in a landslide victory for the long-ruling People's Action Party (PAP). The PAP retained their supermajority, winning 87 of the 97 seats in the unicameral parliament. Among the opposition, the Worker's Party (WP) retained 10 elected seats, while gaining 2 non-constituency (unelected) seats. The PAP won 65.6% of the popular vote in the election, an improvement upon their 2020 performance of 61.2%. The PAP's decisive win gives Prime Minister Wong a strong governing mandate and we expect continuity in Singapore's domestic and foreign policy.

Key Highlights
-- The long-ruling People's Action Party retained their supermajority in Parliament and saw their share of the vote improve, strengthening their mandate to govern.
-- We expect broad policy continuity. Budget 2025 builds on previous budgets to address concerns about the cost of living.
-- The main opposition party, the Worker's Party, is gradually building credibility among voters, but faces the PAP's strong incumbency advantages.

"The PAP's 65% share of the popular vote showed that voters continue to prefer a stable hand during a time of global turbulence," says Yolanda Ngo, Assistant Vice President, Global Sovereign Ratings. "In the face of U.S.-China competition, we expect the government to continue its policy of managing strong relationships with both major powers while underscoring Singapore's commitment to free trade."