In a landslide Presidential Election victory, former PAP Government stalwart Tharman Shanmugaratnam won 70.4% of the valid votes. This makes him the first non-Chinese elected President, as well as the most popular elected President.
With Tharman Shanmugaratnam heading the MAS (Monetary Authority of Singapore) and Ministry of Finance (MOF), he is well-situated to protect Singapore’s reserves and have a good read of the local and global economy.
While the President’s role in Singapore is largely ceremonial, election years can typically herald some change – and with it, the state of the economy. More so, General Election years may have a greater impact on Singapore’s economy.
Here’s a look back at both past Presidential and General Election years, to see how Singapore’s economy performed in the year.
Presidential Election In 2023: Tharman Shanmugaratnam Wins 70.4% Of Votes
As mentioned, President-elect Tharman Shanmugaratnam clinched a lion’s share of the votes during Presidential Election 2023.
Singapore’s inched up 0.5% in the 2nd quarter of 2023. However, the Ministry of Trade and Industry (MTI) lowered its full-year 2023 GDP growth forecast to 0.5 to 1.5%.
Read Also: Singapore GDP Forecast For 2023 Was Lowered. 6 Sectors That Contracted In The 2nd Quarter
General Election In 2020: PAP Wins 61.2% Of Votes
GDP Growth: -3.9%
2020 was a unique year, as the world was combating COVID-19. It’s no surprise that real GDP growth was negative. Nevertheless, the government decided to call for General Election in July 2020.
Presidential Election In 2017: Walkover For Halimah Yacob
GDP Growth: 4.5%
2017 was the first time that a reserved presidential election was held – for a Malay candidate. Only Halimah Yacob qualified to be a presidential candidate.
During the year, Singapore’s real GDP rose 4.5%.
General Election In 2015: PAP Wins 69.9% Of Votes
GDP Growth: 3.0%
2015 was a slight dip year for Singapore’s GDP growth. In the preceding years, Singapore’s GDP growth had been slowing – 4.8% in 2013, 3.9% in 2014, and 3.0% in 2015.
Subsequently, Singapore’s real GDP growth continued to progress again, to 3.6% in 2016 and 4.5% in 2017.
Presidential Election In 2011: Tony Tan Wins 35.2% Of Votes (In A Four-Cornered Contest);
General Election In 2011: PAP Wins 60.1% Of Votes
GDP Growth: 6.2%
There were two elections held in 2011. The standout was the Presidential Election, which was perhaps the most interesting one Singapore has had – with a four-cornered match-up. Tony Tan was elected President despite winning only 35.2% of the votes.
With regards to growth, 2011 was also a strong year – as Singapore was riding the post-GFC economic boom.
General Election In 2006: PAP Wins 66.6% Of Votes
GDP Growth: 9.0%
Presidential Election In 2005: Walkover For S. R. Nathan
GDP Growth: 7.4%
S. R. Nathan was the last man to serve two terms as Singapore President. He won both the 2005 and 1999 contest in a walkover.
General Election In 2001: PAP Wins 75.3% Of Votes
GDP Growth: -1.1%
In 2001, Singapore held the General Election in another recession year for the global economy. Real GDP growth sank to a negative.
Presidential Election In 1999: Walkover For S. R. Nathan
GDP Growth: 5.7%
General Election In 1997: PAP Wins 65.0% Of Votes
GDP Growth: 8.3%
The General Election was held again in another crisis year – the Asian Financial Crisis in 1997. Despite the crisis, Singapore’s economy held firm – growing 8.3%.
Presidential Election In 1993: Ong Teng Cheong Wins 58.7% Of Votes
GDP Growth: 11.5%
Ong Teng Cheong become the first presidential that was elected in Singapore.
Prior to this, Singapore’s economy was on an upward trajectory – performing strongly in the past 2 to 3 decades.
General Election In 1991: PAP Wins 61.0% Of Votes
GDP Growth: 6.7%
General Election In 1988: PAP Wins 63.2% Of Votes
GDP Growth: 11.3%
General Election In 1984: PAP Wins 64.8% Of Votes
GDP Growth: 8.8%
General Election In 1980: PAP Wins 77.7% Of Votes
GDP Growth: 10.1%
General Election In 1976: PAP Wins 74.1% Of Votes
GDP Growth: 7.4%
General Election In 1972: PAP Wins 70.4% Of Votes
GDP Growth: 13.3%
General Election In 1968: PAP Wins 86.7% Of Votes
GDP Growth: 13.5%
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