The affluent city-state's economic performance is often seen as a barometer of the global environment because of its reliance on international trade.
"We made 1.2 percent growth in 2023, avoiding a recession," Lee said in his New Year's message.
For this year, growth is projected to come in at one to three percent "but much will depend on the external environment," he added, pointing to the continuing war in Ukraine and Israel's conflict with Hamas.
The economy has been hurt by softer global demand for its exports, with the return of air travel after the COVID pandemic boosting domestic growth.
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