Singapore’s New PM Faces Some Economic Headwinds
Lawrence Wong takes the reins of a prosperous country, but the incoming leader will confront no shortage of challenges.
The heydays are over.
Photographer: Ore Huiying/BloombergSingapore is undergoing a rare transition in leadership, the third since independence in 1965. More frequent have been the accolades directed at its economy to the point where they have entered the folklore of modern capitalism: poverty to prosperity narrative, stability in a region prone to upheaval, the lure as a hub for transport and finance. Laudable as the attributes are, they didn’t just happen magically — and they are wrapped with significant caveats.
Pragmatism, a powerful state that can back winners, and being in the right place at the right time have been vital ingredients in the city-state’s success. Being considered exceptional gets more difficult as the decades pass. Lawrence Wong, who becomes premier on Wednesday, will do well to bear this in mind.