Singapore economy expands by 3.3pc

SINGAPORE, Jan 01 (Star Line): Singapore's economic growth held above 3.0 per cent for a second year, Prime Minister Lee Hsien Loong said, calling on the nation to rally around a new team of leaders and ensure continuity as he prepares to step down.

Gross domestic product expanded 3.3 per cent in 2018, Lee said in his New Year message. That matches the median estimate in a Bloomberg survey of 14 economists.

Singapore is forecast to grow 1.5 per cent to 3.5 per cent in 2019, he said, citing "major uncertainties" in the global economy amid trade conflicts and nervous financial markets.

As one of the most export-reliant nations in Asia, Singapore's growth prospects are closely tied to the outlook for the global economy and trade.

Singapore is coping better than other countries where "veins of unhappiness" over stagnating wages and tougher living standards are leading to protests and drastic loss of support for moderate politicians, Lee said.

The premier defended the country's model of governance as "quite exceptional," and said it enabled Singapore to stand out in a highly-competitive world as it makes significant headway in leadership succession.