SINGAPORE – The carefully planned succession of leaders in Singapore has been thrown into disarray.
Political observers say it is unclear now who would become the next prime minister of the Asian financial center.
Deputy Prime Minister Heng Swee Keat shocked the nation late on Thursday when he announced he would step down as Prime Minister Lee Hsien Loong’s designated successor.
He said he turned 60 this year and cited his age as an obstacle to leading the country in a post-pandemic world.
Heng will step down as finance minister in the next reshuffle of the cabinet, which local media said is expected in two weeks. However, he will remain Deputy Prime Minister and Coordinating Minister for Economic Policy.
He throws a key into the work on the succession plans very carefully set by Singapore, but I do not see this as a blow to Singapore’s political renewal.
Eugene Tan
Singapore University of Management
“Throw a key in the work on the succession plans very carefully set by Singapore, but I don’t see this as a blow to Singapore’s political renewal,” said Eugene Tan, a law professor at Singapore Management University and an observer politician. Friday for CNBC’s Street Signs Asia.
Financial markets were stable on Friday after Heng’s announcement, with the Straits Times Index 0.1% lower and the Singapore dollar fixed against the US dollar.
Who could be the next prime minister of Singapore?
Analysts have identified four potential candidates who could be elected to leadership to become Singapore’s next prime minister:
- Chan Chun Sing, 51, Minister of Trade 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 on Covid-19;
- Desmond Lee, 44, national minister of development.
Gillian Koh, deputy director of research at the Institute of Political Studies at the National University of Singapore, said the men had some exposure on the international stage. This could help them get to the top job, she told CNBC’s “Squawk Box Asia” on Friday.
However, she pointed out that Wong and Lee, both 40, would have “a much longer track” even though it should take more than five years from now.
The ruling popular action party has ruled Singapore since the country’s independence in 1965. The transition of leadership – Singapore has only had two so far – is usually an adventure without events, with an identified successor many years before the prime minister resigned.
But just before Heng’s decision to withdraw, the country’s leadership succession plan was overturned by the Covid-19 pandemic, said law professor Tan.
Lee, the current prime minister, had previously said he was ready to step down until he turns 70, but later indicated that he would delay his teaching to see Singapore through the Covid-19 crisis.
Lee is 69 years old this year and said on Thursday he will do it remain prime minister until a new successor appears and is ready to take control.
“The pandemic has really worsened the government’s succession plans, and so … I see DPM (Deputy Prime Minister) Heng as an unfortunate victim,” said Tan, who added that Heng looked “very much at peace” with his decision. to retire.