DPM Wong Set To Take Over From PM Lee On 15 May

In a statementPrime Minister Lee Hsein Loong has said that he will advise President Tharman Shanmugaratnam to name Deputy PM and Finance Minister Lawrence Wong as his successor as PM. The handover of power is set to take place at 2000 local time on Wednesday 15 May. Lee states that Wong has the 'unanimous support' of lawmakers from the governing People's Action Party (PAP). Wong has a long track record in politics. He has served as a PAP member of parliament since 2011, as a minister since 2012, and as deputy PM since 2022.

• Lee's statement says that "For any country, a leadership transition is a significant moment. Lawrence and the 4G team have worked hard to gain the people’s trust, notably during the pandemic. Through the Forward Singapore exercise, they have worked with many Singaporeans to refresh our social compact and develop the national agenda for a new generation." '4G' refers to the 'fourth generation' leadership team that Wong represents, compared to the third generation under PM Lee.
• Wong's transition to the PM's office has been carefully choreographed over some time since being selected by PAP parliamentarians as head of the 4G team. Wong's prominence as finance minister during the pandemic also seen as a spurring his rise to the PM's office.
• Given the strong control the PAP exerts on Singaporean politics, and the lack of any sharp or unexpected policy shifts that are likely to take place on Wong's taking office, the market impact - at least in the short term - will prove muted.