Singapore’s Prime Minister Lee Hsien Loong has said that the country would have to take this year’s economic fluctuations in their stride.

Delivering his New Year message, Mr. Lee said “The economy goes up, goes down - we have to take it in our stride.”

He added that the year of 2012 would be tougher for the global economy and Singaporean economy will be affected.

Singaporean economy is expected to grow at a slower pace in 2012. According to projected figures, the economy will grow by 1-3 per cent this year, down from previous year's growth of 4.8 per cent.

The last time Singaporean economy saw such a slow growth in 2008, when it grew merely 1.5 per cent. In 2009, the economy contracted 0.8 per cent.

According to Mr. Lee, one of the many reasons for the sluggish growth this year would be the slower rate of adopting foreign workers. He explained that adopting fewer foreign workers would lead to fewer business opportunities and slower growth.