It was "most likely" that the next premier would come from the Members of Parliament, Lee said, asserting that in this election, Singaporeans would be choosing the new leadership team for the next 15 to 20 years.
He said that forming this team is an "urgent" and "absolutely serious matter" with "no room for error" while pointing out that his core team members were in their late 50s and 60s, a reference to aging MPs and leaders in his party and government.
"This was a team built over many years and which has the experience and rapport with each other. Voters will also be choosing the direction for Singapore in the next 50 years," Lee was quoted as saying by Channel News Asia.
The world would be watching the election to see if they should continue to make major investments here, he said, while speaking at the launch of the manifesto titled "With you, for you, for Singapore".
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"The PAP will fight to win every vote. Your future is at stake. Our future is at stake. And the PAP carries a heavy responsibility for this future. I will not shirk my responsibility and neither will the party. We will fight to earn your trust and your support so that we can work with you, work for you and for Singapore," Lee said.
"Could the same happen in Singapore? We cannot say it will not happen for sure. If anything happens, we will be on our toes," Lee said.
"The depreciation of the ringgit should worry Singaporeans because troubles in the Malaysian economy would affect the Republic too," he said.
Turning to the unsettled nature of the world economy, Lee said Singapore's economy is slowing, dragged down by the global economic environment.
"This year's growth, if we are lucky, will be at 2.5 per cent," Lee added.