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The 1985 Recession: Growth Interrupted

Singapore faced its first recession in 1985, which tested our resolve and crisis management

Last updated 6 October 2025
Economic Survey of Singapore 1985

Image: Economic Survey of Singapore 1985 via National Archives of Singapore

Quote from Chairman of EDB (1982 to 1986) Hwang Peng Yuan
Quote from Founding Prime Minister Mr Lee Kuan Yew in his New Year message, 1987

1985 Recession

After enjoying uninterrupted growth for nearly 20 years, Singapore faced its first recession in 1985, which tested our resolve and crisis management.