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Little Change In Policy Expected After 1st Handover Of Power In 20yrs

SINGAPORE
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Singapore will experience a transfer in political leadership for the first time in 20 years, and only the third time in its independent history, this evening as Lee Hsein Loong steps down as prime minister to be replaced by his deputy, Lawrence Wong. The handover comes at a somewhat precarious time, with Wong having to contend with elevated living costs, a corruption scandal that has impacted the long-dominant People's Action Party (PAP), and rising geopolitical competition between China and the United States in the Indo-Pacific.

  • Wong will sit as the first PM from the '4G' or fourth generation of politicians after the founding of an independent Singapore and the 31-year tenure of PM Lee Kuan Yew. The next general election is due by November 2025 at the latest and there will be no significant challenge to the PAP.
  • However, the outcome of the contest will inevitably be viewed in the context of whether Wong can bolster support for the party amid an undercurrent of dissastisfaction with very high living costs, which some Singaporeans view as exacerbated by the 135% increase in foreign residency during Lee's tenure.
  • In terms of Singapore's geopolitical role, Wong is likely to seek comfort in stability with the gov't committed to its position of maintaining close trading relations with both the United States and China, refusing to be drawn into either side's orbit by remaining a global financial centre.
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Singapore will experience a transfer in political leadership for the first time in 20 years, and only the third time in its independent history, this evening as Lee Hsein Loong steps down as prime minister to be replaced by his deputy, Lawrence Wong. The handover comes at a somewhat precarious time, with Wong having to contend with elevated living costs, a corruption scandal that has impacted the long-dominant People's Action Party (PAP), and rising geopolitical competition between China and the United States in the Indo-Pacific.

  • Wong will sit as the first PM from the '4G' or fourth generation of politicians after the founding of an independent Singapore and the 31-year tenure of PM Lee Kuan Yew. The next general election is due by November 2025 at the latest and there will be no significant challenge to the PAP.
  • However, the outcome of the contest will inevitably be viewed in the context of whether Wong can bolster support for the party amid an undercurrent of dissastisfaction with very high living costs, which some Singaporeans view as exacerbated by the 135% increase in foreign residency during Lee's tenure.
  • In terms of Singapore's geopolitical role, Wong is likely to seek comfort in stability with the gov't committed to its position of maintaining close trading relations with both the United States and China, refusing to be drawn into either side's orbit by remaining a global financial centre.