"The economy did well for the third year in a row. It grew by 7.7 percent, higher than we had originally expected," Singapore's Prime Minister Lee Hsien Loong said in his New Year's address today.
Singapore is the second-fastest growing economy in Southeast Asia after Vietnam.
In his message, PM Lee said said Singapore is in a strong position:
"The economic outlook is positive. There are some downside risks, including a slowing US economy, weaker global electronics demand and high oil prices. Nevertheless, the global climate remains favourable."
"Barring unforeseen setbacks, we expect the Singapore economy to grow by four to six percent in 2007."
The PM also said that the 10 billion-dollar investments, expected next year, will create more jobs and spin-offs for Singapore.
Finally, Prime Minister Lee wished all Singaporeans a Happy New Year.
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