It is important for Singapore to get the politics right in order to remain economically competitive, Prime Minister Lee Hsien Loong said on Friday.

"If the politics is wrong, you can't get the economics right," he said at a dialogue with bankers.

Singapore has been known for its achievements over the past decades to jump from being a third-world to a first-world economy and its rule of law, clean government and good environment. The government has given high salaries to attract talent to join politics to govern the city state, and the country has opened its doors to qualified immigrants.

Lee said the right politics will allow the government to implement policies to share the wealth broadly, and continue to attract the talent to join politics.

He said Singapore is now special but people should not be complacent.

"But if you are not exceptional, you are ordinary, I think you are in big trouble," he said.