The other recession risk that Singapore should be wary of

Singapore is at risk of a "social recession", where community bonds and friendships weaken. This trend is driven by demographic shifts, such as fewer traditional family households, leading to a decline in social connection and a growing sense of isolation among residents.

Research Fellows, Mr Nicholas Thomas and Dr Wong Kang Li, and Research Associate, Mr Wilson Goh, all from the Institute of Policy Studies, Lee Kuan Yew School of Public Policy at NUS, shared data confirming this trend, showing a decrease in close friends, a rise in loneliness especially among youths, and dwindling participation in community activities.

To prevent a social recession, the authors called for a proactive effort to build "relational capital" and proposed three suggestions: fostering neighbourly mutual aid through systems like time banks, empowering residents through small, rotating citizens' assemblies to solve local issues, and creating more low-stakes social spaces where strangers can naturally interact.

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