Singapore PM says succession plan 'back on track'

Singaporean Prime Minister Lee Hsien Loong said in his annual policy address on Sunday that plans to hand over power to a younger generation of leaders are "back on track."

Lee, 71, had planned to step down in 2022, making way for his deputy, Lawrence Wong, 50, to take over.

But that change was shelved due to the coronavirus pandemic, with Lee saying at the time that he had to lead Singapore through the crisis.

"Now COVID is behind us, and my succession plans are back on track," Lee said in his address, known as the National Day Rally.

A series of political scandals engulfing the ruling party — a rare occurrance in the city-state — would not affect the planned leadership change, he said.

No timetable for change

In July, the anti-corruption agency opened an investigation into a cabinet minister, and two ruling party lawmakers were forced to resign over an inappropriate relationship.

"Let me assure you: These incidents will not delay my timetable for renewal," Lee said. "We dealt with each of them thoroughly and transparently."

Lee, however, did not specify when he would hand over to Wong, who is currently serving as finance minister.

General elections are only expected to take place in 2025.

Lee's People's Action Party (PAP) has held onto power since Singapore became an independent country in 1965.

If Wong takes over, it would be only the second time in almost 60 years that the prime minister is not a member of the Lee family.

Economy expected to grow, inflation will linger

In his speech on Sunday, Lee also sought to address concerns about rising living costs, jobs and housing in the city-state. The Southeast Asian island country of 3.5 million citizens is often considered one of the world's most expensive places to live.

The prime minister warned that Russia's war in Ukraine, global warming and tensions between the US and China had disrupted supply chains and food production, impacting smaller trading nations such as Singapore.

He warned that job disruptions may continue and that inflation will remain "higher than what we are used to."

Singapore's yearly core inflation rate eased to 4.2% in June from 4.7% in May.

He also said the city-state expects to see economic growth this year, adding that he hoped the country will avoid a recession.

nm/jcg (AFP, Reuters)