Singapore will hold a national election on May 3, the election commission said on Tuesday, amid worries about the cost of living and fears of a recession as a result of U.S. tariffs.

The vote will be the first electoral test for Prime Minister Lawrence Wong, who took over from long-time premier Lee Hsien Loong as leader of the People’s Action Party (PAP) in May 2024.

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“We are witnessing profound changes in the world. It is becoming more uncertain, unsettled and even unstable. The global conditions that enabled Singapore’s success over the past decades may no longer hold,” Wong said on social media.

“That is why I have called this General Election. At this critical juncture, Singaporeans should decide on the team to lead our nation, and to chart our way forward together.”

The PAP is almost certain to dominate and win most seats, as it has in every vote since independence in 1965, although its share of the popular vote will be closely watched after one of its worst electoral performances in the last contest in 2020.

Wong earlier said the 10% base tariffs imposed by the U.S. did not look open to negotiations and warned of job losses if companies were to relocate to the U.S.

The ruling party’s popularity has dimmed in recent elections as the opposition steadily gained more ground in parliament, winning an unprecedented six seats in 2011 and 2015, and 10 in 2020.

The upcoming election will have four more seats compared to the last vote in 2020, with 97 lawmakers elected from 15 single-member electoral divisions and 18 divisions with 4 or 5 members each.

Wong is expected to field at least 30 new candidates, according to local media, in the largest refresh of the PAP’s slate by a new prime minister. These names will be firmed up by nomination day on April 23 when candidates are confirmed.