The tiny island in Asia has its economy expanded significantly during the year of 2010 with a growth rate of 14.7%. Citing Singapore Prime Minister Lee Hsien Loong, businessweek.com reported that the 2010 growth rate was the best performance ever for the city-state economy, compared to the previous record growth rate of 13.8% which occurred in 1970. Singapore PM also projected next year growth rate will be around 4.0 to 6.0%.