Preview

Economy GDP Singapour

Good Essays
Open Document
Open Document
468 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Economy GDP Singapour
Singapore economy set record in 2010
Singapore a small country with nearly 5 million people located in the south of Malay Peninsula, has been considered one of the most powerful global economies. Despite of the remarkable growth experienced during the period 2000-2007, in 2008-2009 coinciding with the financial crisis, the economy constrained causing a sharp deceleration in the GDP growth. Surprisingly, the country recovered so fast achieving an unprecedented growth of 14.8% in the year 2010. How can a small country like Singapore avoid the economic recession and become one of the world-fastest growing economies? This study tries to response these questions analyzing different social, economic, political and cultural aspects.
Manufacturing industry and exports driving growth recovery
Singapore´s economy is very dependent on the global trade. In contrast with other recessions, this one has affected all the industries and services sectors globally, damaging the economy of the country.
Manufacturing is the most important industry and the cornerstone of the country economy, accounting for 20% of Singapore´s GDP. In the course of the economic downturn Singapore evidenced a substantial downtrend in the manufacturing industry. Having overcome the worst of the global crisis, 2010 marked a strong change in the productive trend of Singapore when the Industrial production Index rose by 29.7% over the previous year mainly led by the biomedical manufacturing sector especially by pharmaceutical products. In addition other sectors such as semi-conductors that accounts for more than 10% of global production and chemicals, one of the most significant clusters in the economy of the country have acted as catalyzers of this unprecedented growth.
Furthermore, during the global recession the number of exports was drastically reduced when demand from the OECD countries and China plunged from $477bn in 2008 to $391bn in 2009. However, in 2010 the global economy started to

You May Also Find These Documents Helpful

  • Good Essays

    Singapore Inc Case

    • 942 Words
    • 3 Pages

    Economic Stability – The Singapore Government was able to develop a stable economy that was key to supporting long-term investment from both internal and international sources. This was done through their strict controls on their monetary policies as well as by actively managing their unemployment rates.…

    • 942 Words
    • 3 Pages
    Good Essays
  • Good Essays

    The Great Recession of 2008

    • 2073 Words
    • 60 Pages

    The U.S. 2008 recession was felt in nearly every country’s economy worldwide. As inflation increased and various other factors began to fail the United States economic system a global recession began to take place. The U.S. began to face hardships such as high unemployment, bank failure, rising energy costs, housing and auto bubbles that ruptured into a global crisis.…

    • 2073 Words
    • 60 Pages
    Good Essays
  • Good Essays

    Post 2007, global economy has been reeling under recession. Recessionary pressure began with United States economy slowing down; however it has spread globally affecting all countries in some way or the other. Income level, employment have been affected badly. Consumption levels have gone down drastically, which affected consumer dependant countries, such as the UK.…

    • 1122 Words
    • 5 Pages
    Good Essays
  • Good Essays

    The question of what caused the great recession of 2007-2008 is on that is not easily answered. As with the great Depression of the twentieth century we can look back retrospectively and at some potential causes but the exact factors remain debated. When speaking of the great depression Ben Bernanke famously said, “To understand the Great Depression is the Holy Grail of macroeconomics.”(Bernanke, 2000) The same can easily be said of the great recession. For this discussion I will isolate the most commonly cited causes within the areas of governmental and the financial sectors.…

    • 433 Words
    • 2 Pages
    Good Essays
  • Better Essays

    When people went to buy houses sometime mortgage-back securities were used, and these were sometimes held by banks overseas. When there was a great mass of people who could not pay back the debt, the banks holding these securities lost the money too. The banks depended on the debt to be paid back, but when it wasn’t banks failed. This occurred both in the United States and around the World. When the United State is in a recession, it is quite possible that other countries are in one too. This is because a lot of countries depend on each other to support one another's economy in someway. Saying that, some countries depend on the United State’s exports to sell in their country, but when the economy was failing, these products were not being produced at the same rate, and therefore could not be exported to other countries. Along with that, the United States is a major consumer and that means we import a lot of products. When people are not spending as much money, they are not buying as many products as they would during an expansionary time. That means the foreign countries that export goods to the United State lose a lot of buyers. As a result, this translates to the decline of the other countries’…

    • 1799 Words
    • 8 Pages
    Better Essays
  • Good Essays

    (Globalisation) The recent recession in America has effected much of the rest of the world, because of global trading and the influence the American economy has on worldwide economies.…

    • 1576 Words
    • 7 Pages
    Good Essays
  • Good Essays

    Singapore is the economic center of Southeast Asia, most of the income comes from the exports. Since 2016, the prospect of global economy become better and better (2017); therefore, because the high stability of Singapore economic, many investors start to invest and hold a meeting or corporate event in Singapore. According to the finding of Tang See Kit (2017), in the first quarter of 2017, the Singapore GDP expanded 2.5%, compared with the same period of last year. Which is mean the Singapore economic is still rising, it’s a good sign for every industry. In fact, having a stable economic will help the “MICE” industry to develop faster, at the same time, having a highly development “MICE” industry will boost the economic as well, its complement each other. It’s not so difficult to understand, because when some international attendees join in a business meeting or exhibition, compare with other individual business travelers, they will have a higher chance to purchase products or do investment…

    • 1624 Words
    • 7 Pages
    Good Essays
  • Best Essays

    Recession and Innovation are something that is interdependent on each other. Recession is the key for innovation in certain fields of business environment. As and when the global business or global market develops or changes we need to update our business by using our innovative ideas with the previous down turns in the field. Each and every failure or downfall makes us to remodel the existing proposal or develop a new idea in the field of business. In this research it is more about the Singapore economy and the challenges faced during recession. The focus is on the employment issues and the difficulties undergone during recession. Unemployment is the major concern for any economy since it affects the GDP of the entire country which indirectly affects the countries development and growth. In the research we will provide the innovative ideas to increase the employment rate in Singapore economy.…

    • 2862 Words
    • 82 Pages
    Best Essays
  • Better Essays

    Singtel - Strategy Diamond

    • 2026 Words
    • 9 Pages

    Singapore had managed to overcome financial crisis in 1997 and 2008 while many neighbouring economies withered during the period. As one of the world’s fastest growing economies in 2010, Singapore is still focusing on the trades and businesses greatly in financial services, tourism, exportation of electronics manufacturing & machinery and cargo seaport activities while developed economies of US and Europe were suffering aftermath of their crisis.…

    • 2026 Words
    • 9 Pages
    Better Essays
  • Satisfactory Essays

    1 INTRODUCTION 2 MACROECONOMIC PERFORMANCE PRIOR TO THE 2008 GLOBAL FINANCIAL CRISIS Export-Dependent Economy After the Asian Financial Crisis Inadequate Investments After the Asian Financial Crisis Gross National Savings, Gross Capital Formation and Current Account Balance Persistent Fiscal Deficits 3 IMPACT OF THE GLOBAL CRISIS Impact on Finance Impact on Trade Impact on the Real Economy 4 NATIONAL RESPONSE TO THE CRISIS 5 CONCLUSIONS AND POLICY IMPLICATIONS References 1…

    • 9968 Words
    • 40 Pages
    Satisfactory Essays
  • Good Essays

    The Endless Crisis

    • 6358 Words
    • 26 Pages

    The Great Financial Crisis and the Great Recession began in the United States in 2007 and quickly spread across the globe, which appear to be the turning point of the world history. The recovery plan was set to two year, however the world economy five years after crisis is still in the sluggishness. The Traid – United States, Europe, and Japan remain caught in a slow growth condition, financial instability, and high unemployment rate. As a consequence, the effects spread globally. Despite the slowdown of the global economy, China is the only country found out to be a bright spot as its economy is still expanding.…

    • 6358 Words
    • 26 Pages
    Good Essays
  • Satisfactory Essays

    Recession

    • 307 Words
    • 2 Pages

    . As a result of such a wide-spread global recession, the economies of virtually all the world's developed and developing nations suffered extreme set-backs and numerous government policies were implemented to help prevent a similar future financial…

    • 307 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Singapore PESTAL

    • 1209 Words
    • 5 Pages

    The industry in Singapore can be divided into two sectors. One is the manufacturing industry and the other is the service industry. The major manufacture industries include electronics (semi-conductors, precision-engineering, etc.), pharmaceutical, chemicals, construction, and ship-building. This sector contributed 20 – 30 % to Singapore's GDP every year. However due to the slip down of the demand for electronics form the main export market such as U.S and Europe, the output growth has decrease since 2012. On the other side, the service sector which included wholesale, retail,…

    • 1209 Words
    • 5 Pages
    Good Essays
  • Best Essays

    References: 1. The China Post 2009, ‘Singapore facing worst ever recession; Cuts 2009 Outlook’, January 22, viewed December 12, 2009, http://www.chinapost.com.tw/business/asia/singapore/2009/01/22/193199/Singapore‐ facing.htm 2. CIA World Factbook 2008, Singapore – Economic Overview and Statistics, viewed December 10, 2009, https://www.cia.gov/library/publications/the‐world‐factbook/geos/sn.html 3. Singapore Statistics 2009, ‘Key Annual Economic Indicators’, viewed December 5, 2009, http://www.singstat.gov.sg/stats/keyind.html#econind 4. Top News Singapore 2008, Grand Prix gives a boost to Singapore’s tourism, November 4, viewed January 3, 2010, http://www.topnews.com.sg/content/grand‐prix‐gives‐boost‐singapore%E2%80%99s‐ tourism 5. AsiaOne Motoring 2008, ‘Big hotel discounts draw F1 fans in big way’, September 15, viewed December 28, 2009, http://www.asiaone.com/Motoring/News/Story/A1Story20080915‐87876.html 6. Smart Investor Singapore Edition 2008, ‘Executive Class – Conversation with Michael Ma’, September 2008 issue, pp. 86‐87 7. Shah 2009, Singapore F1 Ticket Price Hike, viewed December 5, 2009 http://www.singaporegp.org/grand‐prix/singapore/singapore‐f1‐ticket‐price‐hike 8. Burton, J 2009, Singapore recession set to deepen, FT.com, January 2, http://www.proquest.com/ (accessed December 5, 2009) 9. Yan Bo, N 2009, ‘S 'pore upgrades 2009 GDP forecast to a contraction of 4‐6%’, Channel News Asia Online, July 14, viewed December 20, 2009, http://www.channelnewsasia.com/stories/singaporebusinessnews/view/442214/1/.html…

    • 2999 Words
    • 12 Pages
    Best Essays
  • Better Essays

    The Financial Crisis

    • 1012 Words
    • 5 Pages

    The US economy, being one of the largest economies in the world, has a global influence in the regional economies. The downfall of the US market, the confidence of both the consumers and the business collapsed. According to the WTO (2008), global recessionary impact has been felt globally in the same year. This has implications in the purchasing activity and spending which will affect the flow of money, credits and investments. The rate of trade growth has slowed down to 2.1% in 2008 from 6.4% in 2007.…

    • 1012 Words
    • 5 Pages
    Better Essays