<div class="story_inline assets"> <div class="story_inline attachments"> <div class="image thumbnail"> <div class="thumbnail_container"> <img alt="Singaporean Prime Minister Lee Hsien Loong " src="http://www.bloomberg.com/apps/data?pid=avimage&iid=i.f8ngv1Xdow" /> </div> <p class="caption">Lee Hsien Loong, Singapore's prime minister. Photographer: Munshi Ahmed/Bloomberg Is Jim participating? Singapore Ruling Party Faces Widest Election Contest as Nominations Close By Joyce Koh and Shamim Adam - Apr 27, 2011 3:42 AM ET http://www.bloomberg.com/news/2011-...ection-as-opposition-widens-battleground.html Nominations of candidates for Singaporeâs May 7 election closed today as Prime Minister Lee Hsien Loongâs ruling party prepares to face the countryâs most widely contested vote in decades. Lee, whose father Lee Kuan Yew was the islandâs first prime minister, called for elections after his government delivered record economic growth in 2010. Singaporeâs expansion has spurred inflation and pushed home prices to a record, prompting some citizens to debate the rising cost of living and urge the government to limit the influx of foreign workers. Singaporeâs dollar has risen to records this month and is the best performer in Asia excluding Japan in the past year against the U.S. currency, as the central bank allowed further gains to tame inflation. The economy grew a record 14.5 percent last year and wages increased an average 5.6 percent. Lee said in August the government will spend $60 billion over the next decade to develop and double its rail network.