Singapore's economy grew by 3.3% in 2018, 0.2% lower than 2017's, which was "above expectations", as mentioned by Prime Minister Lee Hsien Loong in his New Year Message.

He also mentioned that the economy is expected to grow between 1.5% - 3.5% in  2019, but warned that the global economy faces major uncertainties.

This is due to growing trade conflicts, nervous financial markets, and signs of slowing growth, especially in China.

He also added that with long-term policies in place and a strong team in charge, Singapore has reason to be confident about its economic future.

"With long-term policies in place and a strong team in charge, we have reason to be confident about the future," he said.

"Despite the uncertain external environment and economic outlook, we are entering our Bicentennial Year with renewed vigour and purpose," he said. "We are ready to tackle the challenges ahead and make further progress in building a secure, harmonious, and prosperous nation."