Cost of Anxiety and Depression in Singapore Reaches Billions

The economic burden of anxiety and depression symptoms in Singapore amounts to nearly S$16 billion annually, representing 2.9 percent of the nation's gross domestic product (GDP). This estimation comes from a study conducted by Duke-NUS Medical School and the Institute of Mental Health (IMH), published in BMC Psychiatry.

The research surveyed 5,725 Singaporean adults in 2022, finding that 14 percent exhibited symptoms consistent with depression and 15 percent with anxiety. Worryingly, only 32 percent of those identified with these symptoms reported seeking healthcare for their mental health conditions.

"These findings reveal that successful efforts to improve mental health will have both health and productivity benefits," stated Professor Eric Finkelstein, a health economist at Duke-NUS and a senior author of the study. Individuals experiencing these conditions also incurred higher healthcare costs, with nearly 9 percent hospitalized and 13 percent visiting emergency departments, adding an average of S$1,050 annually per person.

Productivity losses are substantial, with affected respondents reporting an average of 17.7 extra missed workdays annually and a 40 percent reduction in productivity while at work. This cumulative impact on lost productivity is estimated at S$15.7 billion.

While the Singaporean government has established a task force to address mental health challenges, the study's authors emphasize the need for further interventions. These include encouraging undiagnosed cases to seek treatment, expanding access to support programs, improving mental health literacy, reducing stigma, and enhancing the capacity of community resources like general practitioners to diagnose and treat mental health symptoms.