Singapore Economy Expands 3.7% In 2013, PM Says

(RTTNews) - Singapore's economy expanded 3.7 percent in 2013, Prime Minister Lee Hsien Loong said on Tuesday. The rate came in line with the revised estimate of between 3.5 percent and 4 percent.

In his New Year message, Lee said the city-state will grow 2-4 percent next year.

Lee noted that the European and American economies are stabilizing. Asian prospects are still positive, but there are problems and tensions, he added.

Referring to the recent riot involving about 400 South Asian foreign workers, Lee said it was "inexcusable."

"We will continue to treat foreign workers fairly, but we expect them to obey our laws and social norms," he said. The riot reminds Singaporeans that they can never take good order, peace and stability for granted.