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SINGAPORE: Minister Mentor Lee Kuan Yew said the signs are good for Malaysia's economy and he believes it would have no trouble growing at least 5.6 percent in 2008.
He made the point during a question and answer session at the 40th anniversary celebrations of the Institute of Southeast Asian Studies in Singapore on Monday night.
Mr Lee was also asked for his thoughts on how Singapore-Malaysia relations would shape over the next five to ten years, especially in light of recent issues concerning race and religion in Malaysia.
He said: "I believe our economic relations with Malaysia will prosper if we say nothing about their race relations... So I would, sorely as I am tempted, not comment on Malaysia's internal politics.
"But I would say the signs are good for Malaysia to grow. You look at the price of oil, you look at the price of commodities, whether it's palm oil, wood, pulp, anything, you can name it. They have got revenue that will keep the country buoyant and three major plans or projects – the integrated development resort in Johor and in East Coast, and in the North, and so on.
"IMF projection (of growth) for Malaysia is 5.6 percent for 2008, Economist Intelligence Unit says 5.7 percent, and ADB says 5.9 percent. I would say no difficulty in making that growth. I don't see any economic hardship in Malaysia, but whether you have a happy people... happiness and economic growth are two different things."
- CNA/so
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