Singapore’s economy faces a “mixed” global outlook after growing by a record pace this year, according to Prime Minister Lee Hsien Loong.

Gross domestic product rose 14.7% this year, Lee, 58, said in his New Year message released in Singapore today. That compares with the government’s November forecast of a 15% expansion. The trade ministry predicts the economy will expand 4% to 6% in 2011, an estimate reiterated by Lee.

“The outlook for the world economy is mixed,” Lee said. “The U.S. economy is still weak. Europe faces serious debt crises in Greece, Ireland and a few other countries.”

Singapore’s rebound this year from a 2009 global recession has fuelled inflation, prompting the central bank to allow faster currency gains and leading the government to implement measures to cool the property market. The estimated expansion for 2010 would make the city of 5 million people the fastest-growing economy in the world after Qatar’s, according to International Monetary Fund estimates.

“In Asia, growth momentum is strong,” Lee said. “China and India are forging ahead, and countries in Southeast Asia are growing steadily. Hopefully Asia will continue to do well despite the weakness in developed countries, and create a favorable regional environment for Singapore.”