Singapore’s economic growth rate accelerated in 2013, according to Prime Minister of Singapore Lee Hsien Loong.

Over the past year GDP increased by 3.7%, which corresponds to the government’s forecast, which expects economic growth of 3.5% to 4%. Most experts surveyed by Bloomberg, predicted economic growth of Singapore by 3.55%.

“Positive outlook for Asian economies remain, but at the same time there is a problem and some tension,” – said the prime minister of the country.

Accelerating economic growth in Singapore was resulted by the U.S. and the European Union economic recovery, despite rising costs for business in the country, as well as restrictions on the employment of foreign workers.

Lee Hsien Loong confirmed that economic growth forecast for next year is saved within 2-4%.