Singapore's Prime Minister Lee Hsien Loong, in his annual policy address, announced that the plans for a leadership transition to a younger cohort of leaders have been reinstated and are progressing positively, DW reports.
Lee, aged 71, had initially intended to step down in 2022, facilitating the ascent of his deputy, Lawrence Wong, aged 50, to assume the helm. However, this transition was put on hold due to the COVID-19 pandemic, as Lee expressed the necessity of leading Singapore through the crisis. Lee affirmed in his address, known as the National Day Rally, that with the pandemic now in the past, the blueprint for his succession is resuming as planned.
Despite a series of political scandals affecting the ruling party, which is an unusual occurrence for Singapore, Lee assured that these events would not hinder the scheduled leadership handover. In July, an investigation into a cabinet minister by the anti-corruption agency and the resignation of two ruling party lawmakers over an inappropriate relationship occurred.
Lee assured, "These incidents will not derail my timeline for rejuvenation. We have tackled each of these situations meticulously and transparently."
Nonetheless, Lee did not specify a precise timeline for the transfer of power to Wong, who presently serves as the finance minister. The upcoming general elections are projected to take place in 2025. The People's Action Party (PAP), led by Lee, has held dominion since Singapore gained independence in 1965. If Wong assumes leadership, it would only be the second instance in nearly six decades that the prime minister is not from the Lee family.
Addressing concerns about escalating living expenses, employment, and housing issues in Singapore, Lee utilized his Sunday speech to offer insights. The nation, with a population of 5.4mn, is often regarded as one of the world's most costly places to reside. Lee cautioned that global events like Russia's conflict in Ukraine, climate change, and tensions between the US and China have disrupted supply chains and food production, disproportionately impacting smaller trading nations such as Singapore.
He acknowledged the likelihood of ongoing job disruptions and forecasted inflation to persist "at levels higher than our usual experience." The core inflation rate in Singapore eased to 4.2% in June from 4.7% in May. Lee also articulated optimism about economic expansion in the current year, expressing his hope that the nation can avert a recession.
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