SINGAPORE: Lee Hsien Loong, Singapore Prime Minister, has announced a record 14.7 percent growth in the country's economy in 2010, making it the second fastest growing economy in the world, behind Qatar. Gross domestic product expanded 12.5 percent in the fourth quarter from the same period a year earlier, Lee said in a statement Friday. Singapore's three key sectors, manufacturing, finance and tourism, all flourished this year as the global economy bounced back from an economic downturn triggered by the financial crisis of 2008. He said that growth momentum in Asia is strong while the US economy remains weak and Europe faces a sovereign debt crisis in several countries. "The outlook for the world economy is mixed," Lee said. "Hopefully, Asia will continue to do well despite the weakness in developed countries." But he cautioned that the growth figure was a one-off, due to special circumstances. He also credited investment in education and support for innovation for driving the economic expansion.
