Singapore's economy grew by 3.5 percent year on year in the first half of 2014, Prime Minister Lee Hsien Loong said in his National Day message broadcast on Friday.
The prime minister said that the full-year economic growth forecast is now 2.5-3.5 percent, compared to the earlier forecast of 2-4 percent.
Singapore's economy grew by 4.7 percent year on year in the first quarter. The growth slowed to 2.1 percent in the second quarter, dragged by a slowdown in manufacturing, according to flash estimates released by the Ministry of Trade and Industry in July.
Lee said in his National Day Message that the globalized world offers many opportunities for the bold and enterprising.
"But it also makes people uncertain and anxious about their future," he added.
He said that Singapore has changed, too, with most of the people born after the independence in 1965 and growing up in a completely different Singapore.
"Our interests and opinions are more diverse and deeply held," he said, adding that Singapore must reassess its position and refresh its strategies.
Lee said that Singapore is strengthening the social safety nets and that the government is helping the people to save enough for retirement.
"Our population is aging, and our seniors have fewer family members to support them. They need peace of mind in their silver years," he said.
Lee said that his team is studying how to "make it more convenient for retirees to get cash out of your flats, in a prudent and sustainable way."
He also said that he would soon be speaking at a rally next weekend about how the Central Provident Fund system can be improved even though the scheme works well for many of the people.
Lee also said that the government is helping people in education and training so that everybody can achieve their potential.
"Stronger safety nets are not just to give you peace of mind, but also to build the confidence to hope and dare. Our system will help you shoot for the stars," he said./.