By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > Lawrence Wong, Singapore’s next PM faces an ever trickier balancing act
News

Lawrence Wong, Singapore’s next PM faces an ever trickier balancing act

News Room
Last updated: 2024/05/10 at 11:45 PM
By News Room
Share
7 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Shortly before Taylor Swift arrived in Singapore in March, the country’s deputy leader, Lawrence Wong, went viral after posting an awkward TikTok video of himself playing her “Love Story” on his guitar. The unassuming US-trained economist will have to get used to the spotlight. On May 15, Singaporeans will wake up to Wong becoming their first new prime minister in 20 years. He will be only the second non-member of the Lee family dynasty to lead the tiny, affluent island city-state of 6mn people.

This is just the third transition of power since Singapore’s independence from Malaysia in 1965. Last month Prime Minister Lee Hsien Loong announced he would step down as head of the ruling People’s Action Party. His late father, Lee Kuan Yew, regarded as the architect of modern Singapore, led the nation from 1959 until 1990.

The older Lee’s combination of economic planning, investor-friendly policies and openness to trade gave the nation some of the highest living standards in the world. Under the current Lee, it has flourished as a global financial centre. But Wong, a former civil servant, will take the reins as the city-state navigates a challenging geopolitical environment. Cracks are also emerging in its heavily state-directed society.

“We punch above our weight in global affairs,” says Chan Heng Chee, a Singaporean academic serving as ambassador-at-large at the Ministry of Foreign Affairs. But she warns against complacency. “The economic model is changing,” she explains, “shifting away from the globalising forces that helped make Singapore a success towards greater protectionism. Different times call for different leaders.”

Not that Wong’s appointment signals a revolution. He has been preparing for a carefully choreographed transition since April 2022. Meanwhile, fissures in society have widened with a rising cost of living and greater inequality. Resentment of foreign workers, a large part of the city’s labour force, has increased while the PAP faces pressure to transform from an illiberal leadership to a more inclusive government. In addition, the US-China rivalry is playing out in neutral Singapore’s backyard, necessitating an ever trickier balancing act.

Wong, 51, comes from humble origins and did not attend elite schools. His father was born in China but moved to Singapore and his mother was a teacher. His political rise was swift. He served as Lee’s principal private secretary from 2005 to 2008, then led the education and national development ministries before becoming finance minister in 2021 and deputy prime minister in 2022. One person who knows him calls him “relatable, if a little uptight”.

As co-chair of the Covid-19 task force, Wong was associated with Singapore’s efficient handling of the pandemic. “It paved the way for his visibility with everyday Singaporeans for the first time,” says Linda Lim, a professor emerita at the University of Michigan, who knew Wong when he studied economics there. Yet it was not the public that chose Wong. Lim claims he was selected because he was acceptable to the largest group of people within the PAP, rather than for being a visionary. “He is a piece of the puzzle, but the party is still everything in Singapore,” she says. 

Others are more blunt. “He wasn’t the first choice for many but he is close to the prime minister,” says one public servant who dealt with Wong as Lee’s principal private secretary. “Never did I think back then that he would be the next leader of Singapore.”

Despite carefully curated videos of his guitar playing and enjoying local landmarks, Wong, who is twice married with no children, has remained relatively private. “He is not a natural politician, he is a technocrat by training and inclination and he will need to learn the cut and thrust of politics,” says Eugene Tan, a professor at Singapore Management University. “Right now, though, he still needs to prove he can rally not just the public but also his colleagues behind him.”

Donald Low, a professor at the Hong Kong University of Science and Technology, has known Wong for decades and describes him as an “open-minded conservative” whose ability to adapt quickly is often underestimated. “He favours incremental over radical change, evolution over revolution,” he says. 

Wong has stressed continuity and said there will not be cabinet changes until after a general election. Prime Minister Lee will stay as a senior minister. Others, though, would like to see more original policies. “In a more tumultuous world, will just some policy tweaks by the new leadership be enough?” says Ja Ian Chong, associate professor at the National University of Singapore.

But first, Wong will need a mandate. The next general election is now expected as soon as this year. It will be a consequential poll, even though a PAP victory is all but assured. The party, which has governed since independence, earned one of its lowest vote shares in the 2020 election. The opposition Workers’ party meanwhile won the highest number of seats since independent Singapore’s first general election in 1968 and has repeatedly called for more inclusive governance.

“This is the first time in independent Singapore history where the prime minister can no longer look to more advanced economies and say we just need to catch up,” Low says. Strong leadership with more participation from voices outside the PAP is needed, he adds. “The road map has to come from within. That is now Lawrence Wong’s challenge.”

[email protected]

Read the full article here

News Room May 10, 2024 May 10, 2024
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
SoftBank strikes $4bn AI data centre deal with DigitalBridge

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Former Intel CEO explains why the Trump administration is taking a stake in his chip startup

Watch full video on YouTube

Waymo Leads The 2025 Robotaxi Surge As Zoox Expands And Tesla Races To Catch Up

Watch full video on YouTube

Allspring Income Plus Fund Q3 2025 Commentary (Mutual Fund:WSINX)

Allspring is a company committed to thoughtful investing, purposeful planning, and the…

Pope Leo’s pick to lead New York Catholics signals shift away from Maga

As archbishop of New York for the past 16 years, Cardinal Timothy…

- Advertisement -
Ad imageAd image

You Might Also Like

News

SoftBank strikes $4bn AI data centre deal with DigitalBridge

By News Room
News

Allspring Income Plus Fund Q3 2025 Commentary (Mutual Fund:WSINX)

By News Room
News

Pope Leo’s pick to lead New York Catholics signals shift away from Maga

By News Room
News

Why bomb Sokoto? Trump’s strikes baffle Nigerians

By News Room
News

Pressure grows on Target as activist investor builds stake

By News Room
News

Mosque bombing in Alawite district in Syria leaves at least 8 dead

By News Room
News

EU will lose ‘race to the bottom’ on regulation, says competition chief

By News Room
News

Columbia Short Term Bond Fund Q3 2025 Commentary (Mutual Fund:NSTRX)

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?