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.”

Asia has led a global recovery this year as growth in developed markets was restrained by Europe’s sovereign credit woes and U.S. unemployment that remains above 9%. Singapore’s rebound this year has fueled inflation, prompting the central bank to allow faster currency gains and leading the government to implement measures to cool the property market.

“Inflation risks for Singapore appear to be tilted toward the upside,” Alvin Liew, a Singapore-based economist at Standard Chartered Plc, said before Lee’s message. After getting a boost from manufacturing this year, Singapore’s tourism and financial services industries will increasingly drive growth in 2011, spurred by “rising regional domestic demand from China and Southeast Asia,” he said.