{"id":11149,"date":"2023-09-03T11:28:49","date_gmt":"2023-09-03T03:28:49","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=11149"},"modified":"2023-09-03T12:06:14","modified_gmt":"2023-09-03T04:06:14","slug":"how-singapores-economy-performs-presidential-election-and-general-election-years","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/how-singapores-economy-performs-presidential-election-and-general-election-years\/","title":{"rendered":"How Singapore\u2019s Economy Performs In Presidential Election And General Election Years"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<p>With Tharman Shanmugaratnam heading the MAS (Monetary Authority of Singapore) and Ministry of Finance (MOF), he is well-situated to protect Singapore&#8217;s reserves and have a good read of the local and global economy.<\/p>\n\n\n\n<p><strong><em>Read Also:&nbsp;<a href=\"https:\/\/dollarsandsense.sg\/tharman-shanmugaratnam-wins-70-4-votes-4-interesting-numbers-presidential-election-results\/\">Tharman Shanmugaratnam Becomes Singapore President With 70.4% Of The Votes: 4 Other Interesting Numbers From The Presidential Election Results<\/a><\/em><\/strong><\/p>\n\n\n\n<p>While the President&#8217;s role in Singapore is largely ceremonial, election years can typically herald some change \u2013 and with it, the state of the economy. More so, General Election years may have a greater impact on Singapore\u2019s economy.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s a look back at both past Presidential and General Election years, to see&nbsp;<a href=\"https:\/\/www.singstat.gov.sg\/find-data\/search-by-theme\/economy\/national-accounts\/latest-data\" target=\"_blank\" rel=\"noreferrer noopener\">how Singapore\u2019s economy performed<\/a>&nbsp;in the year.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"1024\" height=\"575\" src=\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth-1024x575.png\" alt=\"Singapore GDP Growth\" class=\"wp-image-11150\" srcset=\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth-1024x575.png 1024w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth-300x168.png 300w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth-768x431.png 768w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth-1536x863.png 1536w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth-380x213.png 380w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth-800x449.png 800w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth-1160x651.png 1160w, https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2023\/09\/Singapore-GDP-Growth.png 1834w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>Singapore Department of Statistics<\/figcaption><\/figure><\/div>\n\n\n\n<p><strong>Presidential Election In 2023: Tharman Shanmugaratnam Wins 70.4% Of Votes<\/strong><\/p>\n\n\n\n<p>As mentioned, President-elect Tharman Shanmugaratnam clinched a lion\u2019s share of the votes during Presidential Election 2023.<\/p>\n\n\n\n<p>Singapore\u2019s 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%.&nbsp;<\/p>\n\n\n\n<p><strong><em>Read Also:&nbsp;<a href=\"https:\/\/dollarsandsense.sg\/business\/singapore-gdp-lowered-sectors-that-contracted\/\">Singapore GDP Forecast For 2023 Was Lowered. 6 Sectors That Contracted In The 2nd Quarter<\/a><\/em><\/strong><\/p>\n\n\n\n<p><strong>General Election In 2020: PAP Wins 61.2% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: -3.9%<\/em><\/p>\n\n\n\n<p>2020 was a unique year, as the world was combating COVID-19. It\u2019s no surprise that real GDP growth was negative. Nevertheless, the government decided to call for General Election in July 2020.<\/p>\n\n\n\n<p><strong>Presidential Election In 2017: Walkover For Halimah Yacob<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 4.5%<\/em><\/p>\n\n\n\n<p>2017 was the first time that a reserved presidential election was held \u2013 for a Malay candidate. Only Halimah Yacob qualified to be a presidential candidate.<\/p>\n\n\n\n<p>During the year, Singapore\u2019s real GDP rose 4.5%.&nbsp;<\/p>\n\n\n\n<p><strong>General Election In 2015: PAP Wins 69.9% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 3.0%<\/em><\/p>\n\n\n\n<p>2015 was a slight dip year for Singapore\u2019s GDP growth. In the preceding years, Singapore\u2019s GDP growth had been slowing \u2013 4.8% in 2013, 3.9% in 2014, and 3.0% in 2015.<\/p>\n\n\n\n<p>Subsequently, Singapore\u2019s real GDP growth continued to progress again, to 3.6% in 2016 and 4.5% in 2017.&nbsp;<\/p>\n\n\n\n<p><strong>Presidential Election In 2011: Tony Tan Wins 35.2% Of Votes (In A Four-Cornered Contest);<\/strong><\/p>\n\n\n\n<p><strong>General Election In 2011: PAP Wins 60.1% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 6.2%<\/em><\/p>\n\n\n\n<p>There were two elections held in 2011. The standout was the Presidential Election, which was perhaps the most interesting one Singapore has had \u2013 with a four-cornered match-up. Tony Tan was elected President despite winning only 35.2% of the votes.<\/p>\n\n\n\n<p>With regards to growth, 2011 was also a strong year \u2013 as Singapore was riding the post-GFC economic boom.<\/p>\n\n\n\n<p><strong>General Election In 2006: PAP Wins 66.6% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 9.0%<\/em><\/p>\n\n\n\n<p><strong>Presidential Election In 2005: Walkover For S. R. Nathan<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 7.4%<\/em><\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><strong>General Election In 2001: PAP Wins 75.3% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: -1.1%<\/em><\/p>\n\n\n\n<p>In 2001, Singapore held the General Election in another recession year for the global economy. Real GDP growth sank to a negative.<\/p>\n\n\n\n<p><strong>Presidential Election In 1999: Walkover For S. R. Nathan<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 5.7%<\/em><\/p>\n\n\n\n<p><strong>General Election In 1997: PAP Wins 65.0% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 8.3%<\/em><\/p>\n\n\n\n<p>The General Election was held again in another crisis year \u2013 the Asian Financial Crisis in 1997. Despite the crisis, Singapore\u2019s economy held firm \u2013 growing 8.3%.<\/p>\n\n\n\n<p><strong>Presidential Election In 1993: Ong Teng Cheong Wins 58.7% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 11.5%<\/em><\/p>\n\n\n\n<p>Ong Teng Cheong become the first presidential that was elected in Singapore.<\/p>\n\n\n\n<p>Prior to this, Singapore&#8217;s economy was on an upward trajectory &#8211; performing strongly in the past 2 to 3 decades.<\/p>\n\n\n\n<p><strong>General Election In 1991: PAP Wins 61.0% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 6.7%<\/em><\/p>\n\n\n\n<p><strong>General Election In 1988: PAP Wins 63.2% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 11.3%<\/em><\/p>\n\n\n\n<p><strong>General Election In 1984: PAP Wins 64.8% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 8.8%<\/em><\/p>\n\n\n\n<p><strong>General Election In 1980: PAP Wins 77.7% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 10.1%<\/em><\/p>\n\n\n\n<p><strong>General Election In 1976: PAP Wins 74.1% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 7.4%<\/em><\/p>\n\n\n\n<p><strong>General Election In 1972: PAP Wins 70.4% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 13.3%<\/em><\/p>\n\n\n\n<p><strong>General Election In 1968: PAP Wins 86.7% Of Votes<\/strong><\/p>\n\n\n\n<p><em>GDP Growth: 13.5%<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Most popular president at the polls.\n","protected":false},"author":10,"featured_media":11151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[364],"tags":[1092,1779,1804],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.3 - 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