• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
PoliticsSingapore
Asia

Singapore voters seek stability as Trump roils global trade

By
Philip J. Heijmans
Philip J. Heijmans
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Philip J. Heijmans
Philip J. Heijmans
and
Bloomberg
Bloomberg
Down Arrow Button Icon
May 4, 2025, 11:18 PM ET
Singapore Prime Minister Lawrence Wong of the People's Action Party (PAP) celebrates at the party's gathering center during the general election results in Singapore on May 3, 2025.
Singapore Prime Minister Lawrence Wong of the People's Action Party (PAP) celebrates at the party's gathering center during the general election results in Singapore on May 3, 2025.Roslan Rahman—AFP via Getty Images

Any doubts about the People’s Action Party’s ability to continue dominating Singapore’s politics after six decades of rule were put to rest with Saturday’s election result.

Recommended Video

Led by Lawrence Wong in his first election as prime minster, the PAP took 87 of 97 seats in parliament, holding the opposition to the 10 it won during a breakout 2020 vote. The opposition had sought to extend those previous gains, but the mood changed as it became clear early on that voters flocked to safety amid the threat of global economic turmoil. 

The results are an endorsement of Wong’s strategy to deepen social aid in a bid to mitigate rising costs-of-living. They also echo the results of elections the past week in Australia and Canada, where voters backed incumbent parties as U.S. President Donald Trump’s policies roil global trade. 

The 52-year-old economist and his team have warned that inviting more opposition into government could create instability at just the wrong time for trade-dependent Singapore. 

“Lawrence Wong will be beaming like a Cheshire cat,” said Eugene Tan, associate professor of law at Singapore Management University. “He couldn’t have asked for a better result. This will let the PAP ride on for the next decade.”

The Straits Times Index was little changed on Monday, while the Singapore dollar edged higher against the greenback.

Beyond the parliamentary seats, Wong’s party did considerably better with the popular vote, garnering about 66% of the ballots cast, nearly 5 percentage points more than in 2020. 

That standing gives Wong all the backing he needs to complete a succession of new political leaders into his cabinet without much fuss from the opposition. The result also signals policy continuity to foreign companies that have helped make Singapore a global financial hub. 

‘Clear Signal’

It wasn’t all bad news for the opposition. Supporters of the Workers’ Party took some comfort in knowing they were able to hang onto the 10 seats they won in 2020, while boosting their share of the popular vote to almost 15%. That strengthens the WP’s claim as the primary voice for the opposition and, perhaps, a more potent force in the future. 

Yet Saturday’s election suggests a renewal of public trust in a political party that has been in charge since independence in 1965. Wong is the city-state’s fourth prime minister, and just the second not from Singapore founder Lee Kuan Yew’s family—Lee’s son Lee Hsien Loong held the top job from 2004-2024.

In the early hours of Sunday, Wong pledged to redouble efforts to tackle cost-of-living pressures facing Singaporeans. He also addressed the need to create more jobs and bolster support for healthcare, retirement, education and families.

“It’s a clear signal of trust, stability and confidence in your government,” he said early Sunday morning. “We will do our best to serve you and improve your lives.”

While a win was never in doubt, the margin of victory in Singapore can have a significant impact on public policy. 

In 2020 the PAP won 89% of the seats — its worst showing since independence, due in part to a backlash from younger voters. The party sought to lure them back ever since by, among other things, easing access to public housing and repealing a long-standing law barring sex between men. Half of the 32 new candidates the PAP floated in this election were under 40.

The transition to Wong marked a further shift in the PAP’s approach to addressing rising costs among some 3.6 million Singaporeans. That included first-time unemployment benefits and billions of dollars more in successive budgets to help pay for everything from meals to utilities and education support.

Trade War

Now Wong can focus on confronting economic headwinds that threaten to upend the city-state’s trade-reliant economy. The government last month revised its 2025 economic growth forecast down to 0-2% from a previous 1%-3%, and the prime minister has warned that a recession can’t be ruled out.

The strong result also provides a sigh of relief to companies, which were more likely to face higher taxes and restrictions on hiring foreign workers if the opposition had outperformed.

“For businesses, this means greater clarity and continuity in economic policy, including support for digital transformation, sustainability goals, and manpower policies,” said Nydia Ngiow, managing director at consultancy BowerGroupAsia. 

Companies will “find a more predictable regulatory environment in the near term, which would aid in investment planning and operational stability against the backdrop of the geopolitical tensions,” she said.

At the same time, Wong’s government will head into any trade negotiations with the U.S. more confident, with key ministers elected back into office. Wong had sought to convince voters on the campaign trail that Singapore would be in a stronger position to do just that if reelected.

The biggest tailwind for the PAP “was the heightened global uncertainty driven by the trade war unleashed by President Trump,” said Pushan Dutt, a professor of economics and political science at Insead in Singapore. “Voters were never going to take a gamble in the form of a protest vote.”

For the opposition, the result means that efforts to bring more balance and debate to parliament will have to wait. As the tallies came in Saturday evening, opposition candidates were despondent.

“We are shocked by the results,” said Leong Mun Wai, an opposition candidate from the Progress Singapore Party. “We may need to review our strategy and regroup ourselves to fight another day.”

Nonetheless, there was some consolation for them in the ability of the Workers’ Party to hold its ground in parliament. 

“Unlike other parties, the Workers’ Party was successful in staying competitive this time and now stand as the only real opposition force in Singapore,” according to polling firm Blackbox Research.  

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
About the Authors
By Philip J. Heijmans
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
Fortune Secondary Logo
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Most Popular

placeholder alt text
AI
Anthropic just mapped out which jobs AI could potentially replace. A 'Great Recession for white-collar workers' is absolutely possible
By Jake AngeloMarch 6, 2026
1 day ago
placeholder alt text
Success
Gen Z graduates who majored in ‘AI-proof’ careers like pharmacy, biology, and education are making less than $50,000 after graduation
By Emma BurleighMarch 6, 2026
1 day ago
placeholder alt text
AI
Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
By Marco Quiroz-GutierrezMarch 6, 2026
1 day ago
placeholder alt text
Economy
The Treasury may need to borrow an extra $1.6 trillion to cover the hole left by tariff ruling and pay a further $400 billion in debt interest
By Eleanor PringleMarch 6, 2026
1 day ago
placeholder alt text
AI
Nobel laureate Joe Stiglitz says not only can AI take your job, it’ll make the ‘tech bro’ class richer while doing so
By Catherina GioinoMarch 6, 2026
21 hours ago
placeholder alt text
Politics
Iran is turning out to be a more effective enemy than many thought, and U.S. allies are losing their patience with the war
By Jim EdwardsMarch 6, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Latest in Politics

AIOpenAI
OpenAI robotics leader resigns over concerns about surveillance and autonomous weapons amid Pentagon contract
By Sharon GoldmanMarch 7, 2026
2 hours ago
Middle EastIran
Saudi Arabia intensifies engagement with Iran to defuse war
By Donato Paolo Mancini, Fiona MacDonald, Samy Adghirni, Sam Dagher and BloombergMarch 7, 2026
3 hours ago
Middle EastIran
Trump says U.S. may target new parts of Iran in escalating war
By Arsalan Shahla, Kateryna Kadabashy and BloombergMarch 7, 2026
3 hours ago
Middle Eastarms, weapons, and defense
As Trump says military has plenty of munitions for Iran war, Democrats point out U.S. didn’t give Ukraine more interceptors because of low supply
By Ben Finley and The Associated PressMarch 7, 2026
3 hours ago
Middle Eastarms, weapons, and defense
The U.S. and Gulf states have made repeated requests for Ukraine’s interceptor drones, but Kyiv banned weapons exports after Russia’s invasion
By Samya Kullab, Hanna Arhirova and The Associated PressMarch 7, 2026
4 hours ago
Middle EastAir Travel
With little or no help from the U.S. government, Americans stranded in the Mideast used WhatsApp and social media to figure out how to get home
By Hallie Golden, Rio Yamat, Michael Casey and The Associated PressMarch 7, 2026
4 hours ago