facebookLawrence Wong Taking Over As Prime Minister on 15 May 2024

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160424 Lawrence Wong Taking Over As Prime Minister on 15 May 2024

Lawrence Wong Taking Over As Prime Minister on 15 May 2024

profileJustin Oh

For the uninitiated, Singapore is set to have a new prime minister! Mr Lawrence Wong will succeed PM Lee Hsien Loong as Prime Minister on 15 May 2024, 8pm.

Source: Giphy

This handover has been in the works for quite some time now and marks the transition from the third-generation to the fourth-generation (4G) political team.

So here’s a quick throwback to PM Lee’s achievements and a look into our future PM Wong’s accomplishments so far.


TL;DR: Prime Minister Handover – From Lee Hsien Loong to Lawrence Wong

In This Article


A Quick Look at PM Lee Hsien Loong’s Contributions

Source: The Business Times

With 20 years as Prime Minister, PM Lee Hsien Loong has contributed to the nation in many ways. Here are some of his significant contributions.

First Term

Two decades ago, in 2004, Lee Hsien Loong was sworn in as Prime Minister.

On his maiden National Day Rally speech, PM Lee introduced several initiatives, including the “five-day work week“, which removed a half-working day on Saturday. The more you know!

These days, Marina Bay Sands (MBS) has become another icon of Singapore. However, the Integrated Resort would not have been possible without PM Lee and his team. Despite some public pushback and Singapore’s long-standing stance against gambling, PM Lee’s government approved the plan in 2005 to build MBS to increase Singapore’s competitiveness in the tourism sector (with proper safeguards and deterrents).

Second Term

During his second term as Prime Minister, PM Lee led the nation through the 2008 Global Financial Crisis. As Singapore was experiencing a recession, the government announced a $2.8 billion stimulus fund in November 2008 for SMEs and local firms and further pledged a $20.5 billion Resilience Package in January 2009.

About a year later, the efforts by the government and Singaporeans ended the recession in November 2009.

Third Term

On 1 June 2011, PM Lee became the chairman of the Government of Singapore Investment Corporation (GIC). For those who don’t know, GIC is one of the three investment entities that handle our reserves, alongside Temasek and the Monetary Authority of Singapore (MAS), which have seen exceptional investment returns over the years.

In 2014, PM Lee announced the Smart Nation initiative to use technology to create a future of better living, more opportunities and stronger communities. That is why we can now enjoy cashless payments at hawker centres with SGQR!

Soon after in 2015, PM Lee’s government also launched SkillsFuture to support Singaporeans in upskilling.

Fourth Term

During Lee Hsien Loong’s fourth term as Prime Minister, he helped steer the nation away from another recession when COVID-19 landed on our shores. The government responded with four successive stimulus packages to keep the economy afloat, the UnityResilienceSolidarity and Fortitude budgets.

Fifth Term

On 21 August 2022, PM Lee announced during his National Day Rally that his government intends to repeal Section 377A of the Penal Code, which was a huge step forward for the LGBTQ community in Singapore.

Finally, he has also trained the next generation of Singapore’s leaders, whom he will hand over the reins to on 15 May 2024.

If Singapore’s Gross Domestic Product (GDP) figures were PM Lee’s report card, he has spearheaded the growth of our GDP from S$194 billion in 2004 to more than S$600 billion last year.

Mr Lawrence Wong’s Achievements Thus Far

Source: TODAY

With huge shoes to fill, let’s now look at what the upcoming Prime Minister, Mr Lawrence Wong, has accomplished so far!

Mr Lawrence Wong entered politics in 2011 and has quickly risen since then:

YearPosition
2011Minister of State for Defence and Minister of State for Education. Also appointed to the board of directors of the MAS.
2012Promoted to Senior Minister of State for Information, Communications and the Arts and Senior Minister of State for Education.

Appointed Acting Minister for Culture, Community and Youth and Senior Minister of State for Communications and Information in November.
2014Promoted to Minister for Culture, Community and Youth and Second Minister for Communications and Information
2015Minister for National Development
2016Appointed Second Minister for Finance, while being Minister for National Development.

Stepped down from board of directors of the MAS.
2020Appointed co-chair of Singapore’s multi-ministry COVID-19 task force.

Became Minister for Education.
2021Minister for Finance. Reappointed to the board of directors of the Monetary Authority of Singapore as deputy chair.
2022Deputy Prime Minister

Most notably, Mr Lawrence Wong was lauded for his steady leadership during the COVID-19 pandemic, with clear directions and planning which primed him to take over as Singapore’s next leader.

Apart from his roles, most of us would also have seen and felt the effects of Mr Wong’s contributions, such as Budget 2022, 2023, and Budget 2024, and the Forward Singapore exercise, a roadmap for Singapore’s future.


Change is On The Horizon

No matter your political stance, it is undeniable that Singapore has progressed significantly in the past 20 years, in part owing to PM Lee Hsien Loong’s leadership. The incoming PM, Mr Lawrence Wong, has posted a video saying that he accepts the leadership responsibility with “humility and a deep sense of duty”.

Moreover, he assured Singaporeans by saying:

“Every ounce of my energy shall be devoted to the service of our country and our people. Your dreams will inspire my actions. Your concerns will guide my decisions.”

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About Justin Oh
Your average Zillennial who is obsessed with anime, games, movies and of course, personal finance. Join me as I break down personal finance into easily digestible and fun bits!
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