We ended 2025 with a robust 4.8% economic growth which is a remarkable performance by any measure given the fact that we faced global trade wars and tariffs from the USA, had to navigate global headwinds and yet, we have performed better than most countries. But the cost-of-living pressures, youth employment issues amongst others are making some Singaporeans a little cynical about the PM Wong’s claim to success.
One Country, One People but Two Tales.
I was going through the comment sections of Wong’s New Year speech and encountered a persistent refrain: If things are going so well, why doesn’t it feel like it? Why are transport fares rising? Why do fresh graduates worry about securing stable jobs? Why do seniors say their lives haven’t improved? Why do many feel squeezed even as headline inflation stabilises?
Of course, at first pass it comes across as mere cynicism. But dig deeper, a persistent disconnect ensues, between macroeconomic success and lived reality. They say, its trickledown economics and as most of my Singaporean brothers would say, “trickledown, go where?”
Singapore’s growth in 2025 was driven significantly by sectors that don’t always translate into broad labour absorption or wage uplift across the board. Manufacturing and trade-related sectors bounced back, but hiring sentiment across many industries remained cautious. Companies are expanding — just not always expanding headcount. Younger workers see contract roles instead of permanent careers. Older workers worry their skills don’t match the economy policymakers celebrate.
