Singapore PM Lee Hsien Loong to step down on May 15; Lawrence Wong to take charge

Singapore Prime Minister Lee Hsien Loong will step down form his position onMay 15, after a two-decade long leadership. The planned succession will introduce Lawrence Wong as his successor.

Wong, serving as the finance minister and deputy prime minister,enjoys unanimous backing from the ruling party's lawmakers, as articulated in a statement issued by the Prime Minister's Office.

Lee, in a social media post, implored Singaporeans to rally behind Wong and his team as they navigate the nation's future trajectory.

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Under Lee's stewardship, Singapore underwent a remarkable economic transformation, with its gross domestic product per capita soaring to nearly $92,000, ranking among the highest globally. Simultaneously, Singapore also strengthened itself as a hub for foreign investment amid escalating regional competition.

Lawrence Wong to be the new PM

Wong, in an Instagram video, pledged unwavering commitment to serving the country and its population.Lee, first elected in 1984, assumed office as prime minister in 2004, becoming one of the world's most enduring political figures.

His father, the late Lee Kuan Yew, helmed Singapore as its inaugural prime minister from 1959 to 1990. Post-resignation, both Lee and his predecessor Goh Chok Tong were appointed as senior ministers.

Despite the ruling People's Action Party's resounding victory in the 2020 election, securing 89 per centof parliamentary seats, it faced mounting pressure from the opposition, advocating for measures to alleviate the plight of low-income citizens and prioritise employment over foreign labour.

Lee's intention to synchronise the leadership transition with the upcoming 2025 elections underscores his commitment to facilitating a seamless handover, offering support to the incoming premier as needed.

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However, Wong confronts a myriad of challenges, including persistent concerns regarding the cost of living and the competitiveness of the workforce.

Furthermore, recent scandals have tarnished the ruling party's reputation for clean governance, including a minister's corruption charges and subsequent resignation, necessitate a resolute approach to restore public trust.

(With inputs from agencies)