Mr Lee, the deputy prime minister, has long been groomed to take the top post, which critics say has been turned into a dynasty since his father, Lee Kuan Yew, led Singapore between 1959 and 1990. The elder Mr Lee remains a powerful political force by holding the advisory post of senior minister, the article said.
With the long-ruling People's Action party firmly in control, Mr Lee, 52, could govern for about 15 years since the nation's leaders have normally retired in their mid-60s, the paper said.
As for what they see as the key challenges facing Mr Lee and his team, most analysts said the main issue would be to keep the economy growing even as competition for jobs and investments intensifies, said the Straits Times.
'At the lower end, Singapore would face competition from huge countries like China and India,' it quoted Home Affairs Minister Wong Kan Seng as saying. '
But even in higher-value-added sectors, it would have to compete against developed countries.'.According to the Financial Times, 'Mr Lee seems likely to adopt a more authoritarian stance than his predecessor, Goh Chok Tong, who presided over a period of relative liberalism after becoming prime minister in 1990, including a more open approach to entertainment venues and the partial relaxation of the ban on chewing gum.'
'Educated at Cambridge and Harvard universities with first-class degrees in mathematics and public administration, Mr Lee became an army brigadier-general at the age of 32 and has since held all of the nation's top economic posts. The appointment of Mr Lee is likely to lead to a significant cabinet reshuffle that will bring in a new generation of officials, although Mr Goh said on Sunday he might remain in the cabinet,' said the Financial Times article.
It said Mr Lee and his father also head the Government of Singapore Investment Corp, which manages more than $100bn of the nation's foreign reserves. His wife, Ho Ching, is executive director of Temasek Holdings, the powerful state investment group that owns most of Singapore's leading companies, including Singapore Telecommunications, where his brother is chief executive, it said.
Mr Lee takes power as the economy is expected to record its best performance in four years. But unemployment remains stubbornly high by local standards at 4.5 per cent, it added.
