Singapore must renew economy, says PM

Singapore, Jan 27 (IANS) Singapore must renew its economy to stay relevant to the world, vibrant and prosperous, said Prime Minister Lee Hsien Loong on Friday.

In his message on Chinese New Year 2017, Lee wished all Singaporeans well, urging them to take a look back and remember how far the nation has come and what contribution the earlier generations have made, Xinhua news agency reported.

“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.

He said Singapore must continue economic restructuring, especially at this moment when there is such uncertainty in the global environment.

The country’s economic growth remained sluggish last year, although it picked up towards the end of 2016.

The Prime Minister hoped the pickup will continue through this year.