Lee Kuan Yew, the founding father of Singapore and the man widely credited with molding the island nation into one of the world's most prosperous countries, has been hospitalized after suffering an irregular heartbeat and "stroke-like symptoms."

The 89-year-old Lee has recovered but will remain hospitalized for observation, according to a statement from the office of his son, Prime Minister Lee Hsien Loong.

The elder Lee was Singapore's first prime minister after it gained independence from Malaysia in 1965. His son is the third.