After 20 years as prime minister, Lee Hsien Loong announced his resignation, marking the end of the Lee family’s half-century rule in Singapore. Lawrence Wong, a Harvard University graduate known for his leadership during the pandemic, will take over the reins.
The Lees are credited with transforming Singapore into Asia’s wealthiest country, but concerns over the high cost of living and geopolitical tensions loom large. Wong, who is also the finance minister, is expected to provide continuity in a country known for political stability.
As Wong prepares to assume office, the ruling People’s Action Party faces challenges, including the decision on whether to hold early elections. Analysts emphasize the importance of Wong’s initial actions in addressing public sentiments and maintaining the ruling party’s support.
During Lee’s tenure, Singapore’s economy flourished, with total asset management increasing significantly. However, dissatisfaction over issues like the cost of living and income inequality persists. The ruling party has also faced scandals that have tarnished its reputation for clean governance.
Wong’s consultative approach aims to garner support across Singapore’s diverse society. The ruling party hopes to secure a strong mandate behind its new leader, following its underwhelming performance in the 2020 elections.
As Lee steps down, he is expected to remain involved in politics as a senior minister. The future of the Lee family’s political legacy remains uncertain, with Lee’s children showing little interest in pursuing political careers. Amidst these transitions, Singapore prepares to embark on a new chapter post-Lee era.