Lee Asks Singapore to Rally Behind His Successor in Last Address

Philip J. Heijmans
·3-min read

(Bloomberg) -- Prime Minister Lee Hsien Loong called on Singaporeans to rally behind his successor as he prepares to step aside later this month after a two decades-long stint in power.

Most Read from Bloomberg

Delivering his last address on May Day, Lee said he prepared a leadership team led by his deputy Lawrence Wong that deserves the confidence and support of Singaporeans. The island nation’s success depends on its ability to maintain political stability, he added.

“The 4G will have their hands full dealing with issues which will arise,” Lee said in reference to the so-called fourth generation of ruling party leaders. “I ask all Singaporeans to rally behind them and work together to make Singapore succeed for your sake.”

The 72-year-old politician will step down May 15 to make way for Wong as part of a once-in-generation handover, which comes at an uncertain time for the financial hub. While it’s central bank last week stuck to a positive economic growth forecast of 1%-3% this year, it assessed that escalating tensions in the Middle East and the risk of a delayed easing in global interest rates remain a threat.

Singapore’s economy expanded slower than forecast in the first quarter as the spending boost from tourism and concerts failed to offset the slump in manufacturing. Wong, who is also finance minister, warned in his February budget speech that the city-state cannot afford a protracted period of slow growth or else it will start eroding living standards.

Singaporeans remain concerned over elevated costs of living and worker competitiveness. Wong, who doubles as finance minister, has sought to assuage such concerns, including presenting a budget this year allocating some S$5 billion ($3.7 billion) on measures like cash payouts and tax breaks.

The leadership transition also comes at a sensitive time for the ruling People’s Action Party following a series of scandals that have rattled its reputation for clean governance, including one involving a minister who’s been charged with corruption.

By handing the reins to Wong ahead of elections, the PAP is hoping to achieve an unassailable mandate behind its new leader. The 2020 elections were the party’s worst-ever showing, despite winning 89% of parliamentary seats.

“We cannot sustain long-term planning and effort if our politics is fractured,” Lee said in the speech. “My team and I have done our best to steward Singapore and safeguard its future. Our successors must do the same.”

Lee will become senior minister after he steps down as prime minister, all but assuring a presence in general elections that analysts say could come later this year. Wong has said he will announce his new cabinet a few days before he’s sworn in as the city’s fourth prime minister with bigger changes likely after the national vote.

“Getting our politics right is absolutely crucial,” Lee said in the May Day speech. “The system doesn’t have to fail outright for Singapore to get into trouble. Even if we just become ordinary, average, we will already be in serious trouble.”

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

  • Up next
  • Up next
  • Up next
  • Up next

Latest stories