Singapore - East Asia should be able to achieve an annual economic growth of 3 per cent to 5 per cent considering the current global financial crisis, Singapore's Minister Mentor Lee Kuan Yew said, in press reports Saturday.

Giving the assessment, Lee was upbeat about Asian economic growth supported by China and India.

"I would say the rest of Asia might make 3, 4, 5 per cent, which isn't bad for this condition," said Lee, the first prime minister and architect of modern Singapore.

"My own guess is if the banking system does not malfunction, then in three, four, five years, the world economy will be restored. If the banking system malfunctions, then I don't know, it will be very difficult business," the Straits Times today quoted Lee as saying.

He addressed some 700 delegates at the Human Capital Summit on Friday in Singapore. (dpa)