SINGAPORE – Singapore’s carefully planned leadership succession has been derailed.
Political observers say it is now unclear who would become the next prime minister of the Asian financial center.
Deputy Prime Minister Heng Swee Keat surprised the nation on Thursday afternoon, when he announced he would step down as Prime Minister Lee Hsien Loong’s designated successor.
He said he turns 60 this year and cited his age as an obstacle to running the country in a post-pandemic world.
Heng will step down as finance minister in the next cabinet reshuffle, which according to local media is expected in two weeks. However, he will remain Deputy Prime Minister and Coordinating Minister for Economic Policy.
A key is used in terms of Singapore’s carefully laid out succession plans, but I don’t see it as a bodily blow to Singapore’s political renewal.
Eugene Tan
Singapore University of Management
“A key key is used in terms of Singapore’s carefully laid out succession plans, but I don’t see it as a bodily blow to Singapore’s political renewal,” said Eugene Tan, a law professor at Singapore Management University and observer, he told CNBC’s “Street Signs Asia” on Friday.
Financial markets remained stable on Friday following Heng’s announcement, with the Straits Times benchmark falling 0.1% and the Singapore dollar against the US dollar.
Who could be the next Prime Minister of Singapore?
Analysts have identified four possible candidates the leadership could choose to become Singapore’s next prime minister:
- Chan Chun Sing, 51, who is Minister of Commerce and Industry;
- Ong Ye Kung, 51, who is Minister of Transportation;
- Lawrence Wong, 48, who is Minister of Education and co-chair of the country’s working group at Covid-19;
- Desmond Lee, 44, national development minister.
Gillian Koh, deputy director of research at the Institute for Political Studies at Singapore National University, said the men have had some exposure on the international stage. That could help them get the best job, he told CNBC’s “Squawk Box Asia” on Friday.
However, he noted that Wong and Lee, who are about 40 years old, would have “a much longer track,” even if more than five years passed.
The ruling People’s Action Party has ruled Singapore since the country’s independence in 1965. Transition to leadership – Singapore has only had two so far – is usually a hassle-free affair, with an identified successor many years before the incumbent prime minister resigned.
But even before Heng’s decision to step aside, the country’s leadership succession plan was disowned by the Covid-19 pandemic, said Tan, the law professor.
Lee, the current prime minister, had already said he was willing to step down when he turns 70, but later indicated that he would delay his surrender to see Singapore through the Covid-19 crisis.
Lee is 69 this year and said yes on Thursday remain as prime minister until a new successor appears and is ready to take over.
“The pandemic has jeopardized leadership succession plans, and so … I see that DPM (Deputy Prime Minister) Heng is an unfortunate victim,” said Tan, who added that Heng looked “very at peace” with his decision to step aside.