New era set as Singapore PM to hand over reins to deputy in May

Singapore Prime Minister Lee Hsien Loong, 72, will step down May 15 as part of a long-planned succession, ending a two-decade run and ushering in a new era led by his deputy Lawrence Wong.

The 51-year-old Wong, who's also finance minister, will become the city-state's fourth premier the same day. Wong has the unanimous support of the ruling party lawmakers, according to a statement issued by the Prime Minister's Office.

"I ask all Singaporeans to give Lawrence and his team your full support and work with them to create a brighter future for Singapore," Lee said on Facebook.

Under Lee's helm, Singapore's gross domestic product per capita more than tripled to nearly US$92,000 (HK$720,261), becoming one of the world's highest. The island has also sought to advance its appeal as a beacon for foreign investors.

"Every ounce of my energy shall be devoted to the service of our country and our people," Wong said on Instagram. "Together, we can build a bright future for all Singaporeans."

Singapore's leadership succession is a carefully telegraphed event that's been years in the making. Lee's earlier wish to hand over the reins before he turned 70 was disrupted by Covid-19 and the shock 2021 decision by then-designated successor Heng Swee Keat to step aside, citing his age.

Lee was first elected in 1984 and became prime minister in 2004, making him one of the longest-serving current political leaders in the world. His father, the late Lee Kuan Yew, served as Singapore's first prime minister from 1959 to 1990. The elder Lee and Lee's predecessor Goh Chok Tong were made senior ministers after resigning as premiers.

The ruling People's Action Party had its worst performance in the 2020 election despite winning 89 percent of parliamentary seats. The opposition pushed for measures to help low-income Singaporeans and a preference to hire locals over foreigners.

Lee has said the succession would coincide with the vote that's due by 2025 and he will be at the "new PM's disposal."

The once-in-a-generation shift is expected to maintain continuity even if Wong does not share the political pedigree of his predecessor. Before he joined politics in 2011, Wong was a civil servant including a stint as Lee's private secretary.

Wong faces challenges amid domestic anxieties over still-elevated costs of living and worker competitiveness. The handover also comes on the back of a series of scandals that have rattled the ruling party's reputation for clean governance, including charges of corruption against a minister.

Yesterday's announcement comes at a time of rising uncertainty: from the intensifying US-China geopolitical rivalry to supply chain disruptions arising from wars in Ukraine and Gaza. Wong has been taking a bigger role on the international stage of late, including a trip to Europe last week where he had a working dinner with French President Emmanuel Macron and met German Chancellor Olaf Scholz.