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Anxiety and depression cost the Singapore economy an estimated S$15.7 billion due to lost productivity, a recent study suggested.

A study by Duke-NUS Medical School and the Insititute of Mental Health (IMH) found that the use of healthcare resources, absenteeism and reduced productivity significantly burden Singapore's economy.

The study was published in BMC Psychiatry, a scientific journal, on Feb. 14, 2023.

According to a press release by Duke-NUS on Apr. 26, 2023, the study suggested that the symptoms of anxiety and depression in the post Covid-19 era could cost Singapore 2.9 per cent of its gross domestic product (GDP).

The survey polled 5,275 Singaporean adults who screened positive for depression and anxiety symptoms via an online panel between April and June 2022.

Results of the study

Out of 5,275 adults, 14.1 per cent reported having symptoms consistent with depression, and 15.2 per cent had symptoms consistent with anxiety.

Further analysis of the results showed that only 32 per cent of the respondents consulted healthcare to treat their mental health conditions over the past three months.

In addition, direct cost of healthcare due to depression and/or anxiety averages S$1,050.

Full-time or part-time employees miss an average of 17.7 days of work due to anxiety and depression, translating to S$4,980 in economic losses annually per person, said the report.

This indicates that individuals who are suffering from anxiety or depression are estimated to be 40 per cent less productive at work due to mental health problems.

As a result, an equivalent of 104 days, valued at S$28,720, are lost per year per person.

Eric Finkelstein, a health economist with Duke-NUS, stated that these findings show that improving mental health will have both health and productivity benefits.

Duke-NUS stated in their press release that while the Singapore government has created a multi-agency task force to address the "growing mental health crisis", more can be done.

One of the study's co-authors explained that encouraging undiagnosed cases to seek treatment, expanding access to peer support programmes, and increasing efforts to improve mental health literacy and reduce stigma can be part of a "successful recovery strategy for the whole population”.

Top photos via Unsplash