Singapore’s Prime Minister Lee Hsien Loong, who has been in office since 2004, has announced his intention to step down on May 15, 2024. Lee will be succeeded by his deputy, Lawrence Wong, who is set to be sworn in as the nation’s fourth leader since Singapore gained independence in 1965. Lee’s planned retirement was previously postponed due to the Covid-19 pandemic, during which time Wong strengthened his public profile through his management of the nation’s response to the health crisis.

Lee, aged 72 and the eldest son of Singapore’s founding Prime Minister Lee Kuan Yew, leads the People’s Action Party (PAP). Under his leadership, the PAP has navigated various challenges, including a decrease in electoral support during the 2020 general elections. As he prepares to leave office, Lee emphasized the importance of a smooth transition and urged support for Wong and the next generation of leadership to continue Singapore’s development.

Lawrence Wong, 51, currently serves as Deputy Prime Minister and Finance Minister. Having gained unanimous backing from his party, Wong’s appointment underscores a well-planned succession process aimed at maintaining political stability and ensuring continued growth and effective governance in Singapore. This leadership change is notable as Wong will be only the second Prime Minister not descending from the Lee family since the country’s independence.

The transition occurs amidst expectations of an early general election and at a time when Singapore faces both domestic and international challenges, including rising inequality, increased living costs, and geopolitical tensions, particularly between the US and China. As he assumes office, Wong will need to secure a strong mandate from the electorate to navigate these challenges and sustain Singapore’s economic model and regional competitiveness.