Stronger PAP Mandate Reaffirms Singapore’s Status As Global Wealth Hub

By: bitcoin ethereum news|2025/05/04 10:15:01

Prime Minister Lawrence Wong’s, from People’s Action Party (PAP) thanks his supporters on the day of ... More the general election in Singapore, Saturday, May 3, 2025. (AP Photo/Vincent Thian) The ruling People’s Action Party, led by Prime Minister Lawrence Wong, won an overwhelming number of seats in parliament during elections held on Saturday, reaffirming Singapore’s status as a bustling wealth hub in Asia. The PAP took 87 of 97 seats in parliament, while the opposition Workers’ Party retained the 10 it won during the 2020 elections. The opposition had called for populist measures such as dialing back the goods and services tax to help Singaporeans cope with the rising cost of living. “Adopting more populist measures would have won the PAP a lot more votes,” Song Seng Wun, Singapore-based economic adviser to CGS International, a unit of Chinese brokerage China Galaxy Securities, said. “But the PAP-led government stuck to their guns and the voters recognized that Singapore’s taxation system is progressive enough.” To mitigate the rising cost of living, Wong stepped up social aid, providing low-income groups cash handouts for groceries, utility bills and even environment-friendly home appliances. PAP garnered about 66% of the ballots cast last Saturday, compared with 61% five years ago. “It’s a clear signal of trust, stability and confidence in your government,” Wong, 52, said early Sunday morning. “We will do our best to serve you and improve your lives.” The election results give Wong and his team the mandate he needs to complete the government transition as senior leaders including former prime minister Lee Hsien Loong—eldest son of the late Lee Kuan Yew, who is widely regarded as the founding father of modern Singapore—stepped aside. It also means policies that have attracted foreign companies and wealthy families to invest in the city-state will continue. “The election results provide foreign investors reassurance that it will be business as usual for Singapore,” Song said. “It reflects stability and shows Singapore will remain a safe haven for investors.” Source: https://www.forbes.com/sites/jonathanburgos/2025/05/04/stronger-pap-mandate-reaffirms-singapores-status-as-global-wealth-hub/

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