In broad strokes, he painted a picture of the various features and efforts being made that will lead the country to better days.

However, his May Day message of cautious optimism, released on Thursday, is now tinged with some uncertainty as the swine flu outbreak threatens to further worsen the global economic crisis.

But even without it, the journey to recovery will not be short.

Said Mr Lee: 'We must prepare for a prolonged difficult period and continue to build capabilities for the future.

'But we have reason to be quietly confident. Our economy has important strengths.'

These are: sound banks, competitive industries, flexible wage systems, many good jobs still available, workers getting skills to stay employable and the country's substantial reserves funding anti-recession programmes.

'Few countries are in as secure a position as Singapore,' said Mr Lee.

In addition, Singaporeans can expect more job-creating projects beyond the two integrated resorts, he said, citing the International Cruise Terminal, Asia's first River Safari in Mandai and Gardens by the Bay, a park in the Marina Bay area.

He also highlighted the continuing growth of Singapore's external wing, as businesses expand their network of export markets.

Read the full story in The Straits Times today.