SINGAPORE'S economy may grow by 3 per cent next year and Singaporeans must be prepared for slower growth for several years, said Minister Mentor Lee Kuan Yew on Sunday.

In a speech at the Tanjong Pagar GRC Tree Planting Day at Henderson Heights, he said Singapore will not resume high growth until the major economies in the world have recovered, which could take years.

But slower growth in Singapore and other countries in Asia 'will still be higher than other regions of the world', MM said. Singapore is placed at the junction of three big economies - China, India and Indonesia - which are not export dependent and have been able to grow on the strength of their domestic consumption and investments.