Singapore's economy predicted to grow 3.5% this year

A leap from previous forecast.

According to a report by Reuters, Singapore's economy is coping well despite the global economic uncertainties and is likely to grow by 2.5 to 3.5 percent this year, Prime Minister Lee Hsien Loong said on Thursday, better than the government's earlier forecast of 1-3 percent.

"Our economy is holding steady amidst global uncertainties. We are attracting more quality investments. Unemployment remains low. We grew by 2 percent in the first half of 2013 and expect to grow by 2.5 to 3.5 percent this year," Lee said in his customary address ahead of the city-state's National Day on Friday.

Read full report here.

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