Singapore Economy, 2004-2013
ECONOMICS ASSIGNMENT
Singapore
Economy
(2004 to 2013)
CONTENTS
1. Introduction……………………………………………………….2
2. Production Output Performance Analysis…………………..4
3. Labour Market Analysis………………..………………………..8
4. Price Level Analysis…………………………………………….10
5. Conclusion……………………………………………………….12
1. Introduction
Singapore has a highly developed and free-market economy that thrives on an open and corruption-free environment. It is touted as one of Southeast Asia’s successful financial and high-tech hub to date. Price stability and a per capita gross domestic product (“GDP”) higher than that of many developed countries maintain economic welfare and potential growth of the city-state. Singapore is heavily dependable on exports, particularly in sectors related to consumer electronics, information technology products, pharmaceutics, and financial services. While productivity has sunk to an average of approximately 10 percent in the last decade, the local government has initiated long-term growth plans focused on raising domestic productivity. In the last decade, the city-state has attracted major investments in pharmaceutical and medical technology production.
2. Production Output Performance Analysis
GDP
GDP is the monetary value of all final goods and services produced within a country in a specified period of time. It is commonly used as a measure of the health of a country based on its national income and private and public output. As demonstrated by the data sourced by the World Bank, Singapore has experienced a healthy growth in the last ten years. In 2004, its GDP was at $114.19 billion (USD), but by 2013, it had risen to $297.94 billion (USD). It is important to note that there was only slight increase between 2009 and 2010 when compared to other years. During this time, Singapore entered a period of recession, but rebounded quickly by its last quarter in 2009.
Singapore
Economy
(2004 to 2013)
CONTENTS
1. Introduction……………………………………………………….2
2. Production Output Performance Analysis…………………..4
3. Labour Market Analysis………………..………………………..8
4. Price Level Analysis…………………………………………….10
5. Conclusion……………………………………………………….12
1. Introduction
Singapore has a highly developed and free-market economy that thrives on an open and corruption-free environment. It is touted as one of Southeast Asia’s successful financial and high-tech hub to date. Price stability and a per capita gross domestic product (“GDP”) higher than that of many developed countries maintain economic welfare and potential growth of the city-state. Singapore is heavily dependable on exports, particularly in sectors related to consumer electronics, information technology products, pharmaceutics, and financial services. While productivity has sunk to an average of approximately 10 percent in the last decade, the local government has initiated long-term growth plans focused on raising domestic productivity. In the last decade, the city-state has attracted major investments in pharmaceutical and medical technology production.
2. Production Output Performance Analysis
GDP
GDP is the monetary value of all final goods and services produced within a country in a specified period of time. It is commonly used as a measure of the health of a country based on its national income and private and public output. As demonstrated by the data sourced by the World Bank, Singapore has experienced a healthy growth in the last ten years. In 2004, its GDP was at $114.19 billion (USD), but by 2013, it had risen to $297.94 billion (USD). It is important to note that there was only slight increase between 2009 and 2010 when compared to other years. During this time, Singapore entered a period of recession, but rebounded quickly by its last quarter in 2009.