If not, why is he giving that loony smile?
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>S'pore's full-year growth forecast cut to 4-5%
</TR><!-- headline one : end --><TR>PM Lee warns Singaporeans to brace themselves for a 'bumpy year ahead'. </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Lee Siew Hua
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
</TD><TD vAlign=bottom>
'Despite the uncertainties in our region, and in the world economy, Singapore is in a strong position,' added PM Lee.
-- PHOTO: MICA
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"-->SINGAPORE has revised its full-year growth forecast, narrowing the range to between four and five per cent.
The change reflects a less-rosy outlook from the Government's earlier projection of four to six per cent.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story -->RELATED LINKS
<!-- Audio --><!-- Video --><!-- PDF -->
PRIME MINISTER'S NATIONAL DAY MESSAGE 2008
<!-- Photo Gallery -->
</TD></TR></TBODY></TABLE>The change was announced by Prime Minister Lee Hsien Loong in his National Day message on Friday evening, when he also called on Singaporeans to prepare for a 'bumpy year ahead'.
He set out several reasons for this caution.
The US economic troubles are now starting to reach Asia.
Southeast Asia is also less prominent now for investors, who regard China and India as the big stories.
The growth revision did not surprise economists like CIMB-GK head of research Song Seng Wun.
'With only 4.5 per cent growth in the bag and a wobbly external environment, it is not a surprise to see the PM narrowing the GDP growth forecast for the year.'
In his address, PM Lee also said Singapore can act on three fronts:
Create wealth by developing the economy
Have more babies to secure Singapore's long-term future
Open up the Singapore system progressively as the Internet transforms societies and economies everywhere.
However, the sober mood is not without bright spots.
Singapore's economic results are good, given the external challenges, he said. 'Despite the uncertainties in our region, and in the world economy, Singapore is in a strong position,' added PM Lee.
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>S'pore's full-year growth forecast cut to 4-5%
</TR><!-- headline one : end --><TR>PM Lee warns Singaporeans to brace themselves for a 'bumpy year ahead'. </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Lee Siew Hua
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
'Despite the uncertainties in our region, and in the world economy, Singapore is in a strong position,' added PM Lee.
-- PHOTO: MICA
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"-->SINGAPORE has revised its full-year growth forecast, narrowing the range to between four and five per cent.
The change reflects a less-rosy outlook from the Government's earlier projection of four to six per cent.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story -->RELATED LINKS
<!-- Audio --><!-- Video --><!-- PDF -->
<!-- Photo Gallery -->
</TD></TR></TBODY></TABLE>The change was announced by Prime Minister Lee Hsien Loong in his National Day message on Friday evening, when he also called on Singaporeans to prepare for a 'bumpy year ahead'.
He set out several reasons for this caution.
The US economic troubles are now starting to reach Asia.
Southeast Asia is also less prominent now for investors, who regard China and India as the big stories.
The growth revision did not surprise economists like CIMB-GK head of research Song Seng Wun.
'With only 4.5 per cent growth in the bag and a wobbly external environment, it is not a surprise to see the PM narrowing the GDP growth forecast for the year.'
In his address, PM Lee also said Singapore can act on three fronts:
Create wealth by developing the economy
Have more babies to secure Singapore's long-term future
Open up the Singapore system progressively as the Internet transforms societies and economies everywhere.
However, the sober mood is not without bright spots.
Singapore's economic results are good, given the external challenges, he said. 'Despite the uncertainties in our region, and in the world economy, Singapore is in a strong position,' added PM Lee.
