PRIME Minister Lee Hsien Loong has said that he is confident Singapore will be able to weather the current turmoil in global financial markets and continue to do well economically this year.

While Singapore and Asia could not be sheltered from the 'chill winds' buffeting the world economy, and would be hit in the likelihood that the US economy goes into a recession, they were in a good position to face the economic storm ahead.

'I am confident that we are going to be able to weather this storm.'

'This is not like the 1997 financial crisis, and we got through that. That was all around us, and we were at ground zero. This is something broader, and in Asia, I think we are stronger, we are better prepared, and we will weather it.'

Addressing a breakfast meeting of French business leaders on Wednesday, he gave several reasons why he remained bullish about Singapore and Asia, even as he gave a sober assessment of the economic impact of the major drubbing that stock markets, from Singapore to Paris, took earlier this week.

Read the full story in Thursday's edition of The Straits Times.