The Economist Interview with Lawrence Wong: Singapore’s Next Prime Minister

Lawrence Wong, the finance minister and deputy prime minister, is set to become Singapore's next prime minister on May 15th, marking a significant transition in the city-state’s leadership. At 51, Wong will be the fourth person to hold this position since Singapore's independence in 1965. Unlike his predecessors, Wong did not attend an elite secondary school and grew up in a public-housing estate, making him more of an everyman.

Wong’s rise to power is historic as it signifies the end of the Lee family's direct influence on Singapore’s leadership. Lee Kuan Yew, the founding father, served until 1990, and his son, Lee Hsien Loong, has been prime minister since 2004. Lee Hsien Loong will remain in the cabinet as senior minister, continuing a tradition of leveraging the experience of former leaders.

Singapore’s economy, heavily tied to global trade and finance, faces numerous geopolitical risks. Wong noted the financial impact of Russia’s invasion of Ukraine on Singapore, including a significant rise in electricity prices. Conversely, the conflict in Gaza, while emotionally resonant, has little economic impact on the country.

The potential for conflict in the Taiwan Strait poses a significant threat, both economically and emotionally, given Singapore’s ethnic Chinese majority. Wong emphasized the importance of maintaining peace and stability, stating that any changes to Taiwan’s status must be peaceful. Singapore’s delicate diplomatic balancing act between the US and China is crucial, as both nations exert considerable influence on the small city-state.

Wong highlighted Singapore’s unique approach to managing ethnic diversity through the Chinese-Malay-Indian-Others model, which aims to maintain a stable ethnic balance. This model is reflected in public housing policies, ensuring that estates mirror the country’s ethnic composition.

Despite the ruling People’s Action Party (PAP) maintaining firm control, the opposition Workers’ Party has gained ground, winning two multi-member constituencies in the 2020 elections. Wong acknowledged the growing desire for more opposition voices in parliament, indicating a shift in Singapore’s political landscape.

Wong is keenly aware of the evolving priorities of young Singaporeans, who seek broader definitions of success beyond the city’s traditionally hard-working and meritocratic culture. However, he maintains continuity with the past, valuing the experience of outgoing leaders. Wong sees his mission as continuing the work of his predecessors to sustain Singapore’s success. “We’ve always seen ourselves as the underdog... My mission is to keep this miracle going for as long as I can,” he said.