Underlying the importance of younger Singaporeans, Goh announced the creation of a committee made up of the third generation to come up with new ideas on reshaping the country.

"In remaking Singapore, we need to go beyond economics," Goh said in his annual New Year message to the nation.

"I invite and encourage all Singaporeans, particularly the young, to participate in the deliberations of the committee."

Goh said the ideas could be political, social and cultural, and would aid the economic committee created after the November 3 polls to restore Singapore's economic competitiveness.

He said the third generation of Singaporeans had different aspirations and expectations from the nation's founding and second generations, and their input to the committee would be crucial.

In his New Year speech, Goh said the economy shrank 2.2 percent this year, compared with a 9.9 percent growth last year.

Singapore's economy, which depends heavily on foreign demand, has been severely affected by the slowdown in the world's major economies and subsequent fallout from the September terror attacks in the United States, its biggest export market.

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