Singapore rejoice in multi-racial harmony: PM Lee

Prime Minister Lee Hsien Loong in his New Year Message today hailed Singaporeans, saying the country rejoice in multi-racial harmony at a time when others are troubled by terrorism, intolerance and racial tensions.

"Despite the threats of ISIS and jihadist terrorism, when other societies are troubled by intolerance and racial tensions, here in Singapore we rejoice in our multi-racial harmony," Lee said using an acronym for Islamic State group.

"Where other countries are mired in political gridlock and pessimistic for the next generation, we in Singapore are united, hopeful and confident about our future," he said.

Lee, 63, however, also cautioned his countrymen, pointing out that "we live in a very different world from our pioneers fifty years ago."

Singaporeans this year celebrated 50 years of independence and prosperity with gala events across the island state.

Half a decade on, Singapore has grown into an Asian business and financial hub, but the the country's economy of late is showing signs of stress.

A slowdown in China, which is the biggest destination for Singapore's non-oil domestic exports, and sluggish global demand have weighed on Singapore's manufacturing sector and economic growth this year.

"Yes, we have many more opportunities in the globalised world, but we also face fierce competition. Yes, we have more resources, but we also have higher aspirations. Our economy is slowing down and undergoing transition. We cannot expect an easy journey ahead," he stressed.

Lee also recapped his September election victory saying, "as the results came in, I felt gratified and happy that voters had delivered a big win for Singapore."

"We were united in our desire to secure our shared future, to achieve the best for Singapore. It encapsulated what the election was about - our people and our future."

Lee's ruling People's Action Party (PAP), founded by his father and founding Prime Minister, the late Lee Kuan Yew, scored a landslide in the General Elections.

PAP has ruled Singapore since independence and led well before that in pre-independence assemblies.

The premier also recalled the emotional farewell given to his father, who died in March this year.

"Singaporeans lined the streets to bid him a final farewell (on March 29). The rain was pouring. As the gun carriage left Parliament House, people shouted his name.

"I was deeply moved to see everyone's faces - drenched, grieving, but not downcast. We were one people, grateful for what our pioneers had achieved, resolved to take Singapore further forward."

The elder Lee is respected for having built Singapore's living standards from "third world to first world" and is respected globally including India for developing an island into an Asian business hub.