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Published: Thursday December 12, 2013 MYT 12:00:00 AM
Updated: Thursday December 12, 2013 MYT 7:41:36 AM

Lee: Asia’s prospects bright, provided it maintains peace

Asia’s prospects for economic growth remain positive, provided the region continues to be peaceful and stable, said Prime Minister Lee Hsien Loong.

Speaking in Seoul at a lunch with South Korean business leaders yesterday, Lee said Asian countries were pursuing closer economic integration regionally and globally, and were expected to outgrow the rest of the world again next year.

“So all in all, the outlook for Asia is bright, provided we have peace and stability in Asia,” he said at the lunch, which was organised by the Korea International Trade Organisation.

Lee also expressed Singapore’s admiration for South Korea’s quick economic recovery after the global financial crisis.

“I remember during the global financial crisis, how vigorously your government... went about reinforcing your position and buttressing yourself against the waves and the storms that would come – working out swap arrangements, stabilising your economy domestically, cooperating with other countries in the region,” he said.

Now, South Korea has established many economic strengths and Singapore, too, is “making steady progress”, Lee said.

But the nation’s society and economy are in transition, as it adapts to a more mature economic phase and new social needs, he added.

Still, Singapore “remains a good place for companies to do business”, Lee said. — The Straits Times / Asia News Network

Tags / Keywords: Regional, world


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