In Singapore, Prime Minister Lee Hsien Loong will step down after 20 years in office and will undergo a major leadership shake-up on May 15, 2024.
You can see the change.
The transition marks the end of an era and the beginning of a new era under Deputy Prime Minister Lawrence Wong, who will replace Lee as Singapore’s fourth Prime Minister.
A legacy of economic growth and stability
During Mr Lee’s tenure, Singapore’s gross domestic product per capita tripled to nearly US$92,000, making it one of the world’s wealthiest countries.
Additionally, the island has established itself as a magnet for foreign investors in a highly competitive region.
Mr. Lee’s leadership was characterized by a focus on economic growth and stability, with particular emphasis on attracting foreign investment and promoting a business-friendly environment.
Smooth transition
Mr Wong’s transition to leadership had been carefully planned for years, but the COVID-19 pandemic and the – Interrupted due to Mr.
Swee Keat’s unexpected retirement from old age.
Mr Wong, 51, has expressed his determination to serve Singapore and its people as he takes on a more prominent role on the international stage.
Challenges ahead
Despite the smooth transition, Mr Wong faces challenges amid domestic concerns over high living costs and workforce competitiveness.
The handover comes amid a series of scandals that have tarnished the ruling party’s reputation for clean governance, including a minister who resigned after being accused of corruption.
Additionally, Wong must navigate a complex global environment marked by geopolitical tensions and supply chain disruptions due to the conflict in Ukraine and Gaza.
Continuity and Stability
Despite these challenges, the transition is expected to maintain continuity and stability in Singapore’s power structure.
Wong, who has a background in the civil service and was President Lee’s principal private secretary, is seen as a capable and experienced leader who will carry on the policies and traditions of his predecessor.
The beginning of a new era
As Singapore enters a new era under Mr Wong’s leadership, we remain committed to our core values of economic growth, stability and good governance.
With a new generation of leaders at the helm, Singapore is well placed to meet the challenges and opportunities of the 21st century.