By: Derek Lim Below is an extract on Channel NewsAsia report on MM Lee speech during a gala dinner on Monday to celebrate the 40th anniversary of the Institute of Southeast Asian Studies (ISEAS).

On the economic outlook, Mr Lee said the Singapore economy should do well. He said he expected developments like the integrated resorts and the Formula One Grand Prix later this year to lift the economy. And barring any accidents, he added that Singapore will be at a different level in five years. If the good showing continues for another five years, Singapore then could be more like Italy or Austria. But he cautioned that it needs to be done carefully. Mr Lee said: "Just be grateful that we are where we are and be mindful that we consolidate what we have and don't risk it. We are now at the table with a very large number of chips. We were able to risk many things when we had very few chips, but now we got chips, lets move cautiously."

Source: Channel NewsAsia.com The market has been pretty nervy recently and I welcome MM Lee views. However, one must not be too carried away. While the integrated resorts and the Formula One are the plus points this year, the looming US recession is never far off. Please note MM Lee comments on "barring any accidents". The first accident that comes naturally into my mind is the sub-prime issues Then there are the usual terrorist activities, political instability in certain countries and rising oil prices. However, what I secretly fear most is China after the Olympics. I'm certain that the Chinese market will tumble one day, the question is when. If as MM Lee predict and Singapore continues its good showing for the next 5 years. Will Singapore really become like Italy or Austria? I have never been to these countries before. Hence I do not know their culture and living but as a Singaporean, I wish that certain traits like "Kiasu" and "Singlish" will still be retained as part of our culture. Technorati Profile