SINGAPORE: Nearly four in 10 Singaporeans believe the country could slip into a recession within the next six months, according to a new survey that points to growing public anxiety over the economic fallout from the ongoing Middle East conflict.
In a statement released on Monday (May 11), YouGov said findings from a survey conducted last month among more than 1,000 Singapore residents aged 18 and above showed that 39 per cent expected Singapore to enter a recession in the near term. This was more than double the proportion of respondents, 15 per cent, who did not think a recession was likely.
The survey found that concerns about the economy began intensifying after the outbreak of the Middle East conflict earlier this year in February, with many respondents linking the crisis to rising living costs.
Economic pessimism was not limited to Singapore. Nearly 60 per cent of respondents said they believed the global economy was headed towards a recession as well.
Singaporeans also reported feeling the effects of inflation across multiple aspects of daily life. Seventy per cent said household energy bills had risen because of the conflict, while 56 per cent believed prices of everyday goods had increased.
About half of those surveyed also said transportation expenses, along with the cost of dining out and ordering takeaway meals, had gone up.
The impact appeared to be felt more strongly among older Singaporeans. According to the survey, consumers from Generation X and Baby Boomer age groups were more vulnerable to rising energy and food costs compared to younger respondents.
Growing worries over the economic outlook have also led many Singaporeans to tighten their spending habits and rethink financial priorities.
Around 38 per cent said they were relying more heavily on discounts, vouchers and promotions to cope with higher expenses. Another 31 per cent reported increasing their savings and keeping more cash on hand, while 26 per cent said they had switched to public transport or alternative modes of travel to reduce fuel-related spending.
Travel habits have shifted as well. One in five respondents said they had postponed travel plans because of the economic climate. Meanwhile, 13 per cent said they had changed their travel destinations, and another 13 per cent reported paying higher prices for upcoming trips.
Despite concerns over inflation and global instability, the survey found little indication of widespread panic buying or stockpiling behaviour in Singapore.
Only 12 per cent of respondents said they had hoarded supplies due to the Middle East conflict. Among those who did, the most commonly stockpiled items were long shelf-life food products, cited by 69 per cent, followed by medicine at 38 per cent, hygiene products at 36 per cent, and bottled water at 26 per cent.
This article (Almost 40% of Singaporeans think a recession could hit within 6 months, survey finds) first appeared on The Independent Singapore News.
