Singapore: Ten Years GDP Report

Topics: Unemployment, Inflation, Economics Pages: 4 (1128 words) Published: October 12, 2014
Introduction

Singapore is an island with a total population of 5.40 million (Singstat.gov.sg, 2014). The Singapore economy has enjoyed growth and employment rate has remained high over the years (Singstat.gov.sg, 2014; App.mof.gov.sg, 2014). The consumer price index (CPI) is also on a steady rise on year-to-year basis (Singstat.gov.sg, 2014; App.mof.gov.sg, 2014). This essay aims to provide an analysis on the country's economic performance over the past 10 years.

Production Output Performance Analyis

The Singapore economy has performed well over the past 10 years with an average annual GDP growth of 6.3%. GDP per capita has also doubled from US$27,403 in 2004 to US$55,183 (S$69,091) last year which ranked us in the 9th spot globally.

At the same time, the Singapore dollar has also strengthened against the United States dollar by 34%. Singapore's foreign reserves have increased from US$98 billion in January 2004 to US$273 billion by December 2013. The Singapore economy has experience 2 huge external shocks over the past 10 years which is the Sars crisis in 2003 and the global financial crisis in 2009. Taking into consideration of these 2 major events, the credible economic performance of Singapore in the past 10 years is even more impressive (Kong Yam, 2014).

Against the backdrop of global economic outlook expected to improve modestly in 2014, a slow and sustained recovery in the US and Eurozone economies, driving the economy growth in Asia and China moderately as the government continues with reforms to rebalance the economy towards consumption-driven growth, the Singapore economy is expected to post modest growth in 2014. The manufacturing and wholesale trade are likely to continue to recover and provide support to growth, in tandem with the recovery in global demand. Overall, the 2014 growth forecast for the Singapore economy is maintained at 2.0 to 4.0 per cent. (Mti.gov.sg, 2014)

Key ASEAN economies are also expected to remain resilient...
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