SINGAPORE, Aug 8 (NNN-Bernama) -- Singapore has come a long way in just 53 years with its citizens enjoying a good quality of life, better than many others in the world, said Singapore Prime Minister Lee Hsien Loong in his National Day Message today.

Singapore will be celebrating its National Day on Thursday, Aug 9.

Today, we are a vibrant and flourishing city-state. Our economy continues to grow steadily � around 3.0 to 3.5 per cent in recent years. Productivity is improving, and incomes are rising."

Nevertheless, the Prime Minister cautioned his people that there were "some clouds on the horizon, alluding to current tensions between major economies in the world.

Over the past year, Lee said trade tensions between the major economies have seriously worsened.

This is affecting international trade, investments, and business confidence. Singapore's own growth and prosperity will be affected too.

Trade conflicts will also erode trust between the major powers, and hinder their cooperation in other important issues. And hence, regional and international security are at risk, he said.

One such issue is the situation in the Korean Peninsula, Lee said.

He said that while the republic had successfully hosted the Summit meeting between US President Donald Trump and North Korean leader Kim Jong Un two months ago, and which had eased tensions in the Korean peninsula, there were still many challenges to overcome before denuclearisation and peace could be actually achieved on the peninsula.

Nearer home, ASEAN is a pillar of stability in an uncertain world, said Lee.

As ASEAN Chair this year, he said Singapore aimed to further its cooperation with its fellow ASEAN members, particularly its two closest neighbours, Malaysia and Indonesia.

Malaysia has a new government following its General Election in May. We will continue to strengthen our strong ties with Malaysia on the basis of mutual respect and benefits.

Indonesia will hold Presidential elections next year. We will continue to work with Indonesia to enhance our wide-ranging cooperation with them, said Lee.

The premier noted that his Government will continue to closely watch the external developments.--NNN-BERNAMA

Source: NAM News Network