Singapore must renew economy to stay relevant to the world: Singapore PM

Singapore must renew its economy to stay relevant to the world as well as maintain vibrant and prosperous, said Prime Minister Lee Hsien Loong on Friday in his Chinese New Year Message 2017.

Lee wishes all Singaporeans a Very Happy Lunar New Year via the message. As New Year is a time for thanksgiving and reflection, he urged Singaporeans to take a longer look back, to remind them how far the nation has come and what contribution the earlier generations have made in the past.

Lee said one important area of renewal for Singapore is the economy. Singapore must continue economic restructuring especially at this moment when there is such uncertainty in the global environment.

Singapore's economic growth was sluggish last year, although it picked up towards the end of 2016. He hopes the pickup will continue through this year, he said.

"In Singapore, we have always grown by renewing ourselves, taking our economy in fresh directions, opening new markets and fields of business. That is how we have stayed relevant to the world, vibrant and prosperous," said Lee.

The prime minister revealed that the Committee for the Future Economy will deliver its report soon, setting out strategies for growth in the next 10 to 15 years.

"Here in Singapore, we tackle our challenges together. Government, businesses and workers all play their part, coming together to plan ahead, support one another and seize new opportunities," Lee said. Endit