SINGAPORE/JAKARTA (May 15): In few countries is the transfer of power as meticulously planned as in Singapore, which has had just three prime ministers from the same party in nearly 60 years. But as Lawrence Wong becomes the fourth on Wednesday, the challenges facing the financial hub are growing.

The 51-year-old Harvard graduate will be sworn in during an evening ceremony at the Istana, Singapore’s presidential residence, and will immediately have to manage pressures that include high living costs, mounting geopolitical risks and the repercussions of a corruption scandal that tainted the image of the ruling People’s Action Party.

Wong “faces an unprecedented challenge of navigating a constantly evolving landscape, with a more diverse electorate and heightened expectations for transparency and accountability,” said Nydia Ngiow, managing director at business consultancy BowerGroupAsia in Singapore. The evolving dynamics could “disrupt the most well-laid plans”.

Tensions between the US and China — two countries on which the island nation depends — aren’t going away, while the conflicts in the Middle East and Ukraine have buffeted the city-state’s trade-focused economy and stoked unease in Singapore’s ethnically and religiously diverse society.

All of that will weigh on voters’ minds, as Wong spearheads the so-called “fourth generation” of political leaders towards a general election that outgoing Prime Minister Lee Hsien Loong, 72, pledged would coincide with the handover — and which by law must happen by the end of November 2025.

There’s little doubt that the People’s Action Party (PAP) will extend its unbroken grip on power when elections take place, but an early stumble by Wong and his team that erodes public support could undermine confidence in the new leadership right out of the gate. The PAP dominates the legislature, but its share of the popular vote has been sliding.