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
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To strive to achieve full employment, the government had put a few measures in place like the announcement of the government tightening on foreign workforce policy, it encourages firms to turn to hiring more local workers to meet their manpower needs. However, the current rate of local employment growth will be difficult to sustain in the long run due to demographic constraints hence the government also encourages firms to implement more manpower-lean methods of driving business growth in order to survive and thrive. The Ministry of Manpower will also monitor the impact of previously announced foreign workforce policy measures on employment, productivity, and incomes, and continue to take progressive steps to moderate foreign workforce growth to more sustainable levels.
This will result in upward pressure on wages and unemployment is likely to remain low while local employment should continue to register gains in 2014 (Mom.gov.sg, 2014).
Price Level Analysis
Singapore Consumer Price Index (CPI) rose 2.7 per cent in May from a year ago, the highest since March 2013, according to figures released by the Department of Statistics on Monday, June 23 2014. Inflation last month picked up pace from April, when the CPI rose 2.5 per cent on-year following a rise of 1.2 per cent in March (Channel NewsAsia, 2014).
The main drivers of
It is also easy for many other companies to set up headquarter in Singapore as their starting point in Asia to make it possible to reach to its market point. In addition, Singapore is unique in different lifestyles and culture. It is also known for its capability of attracting sizable foreign investment, pro-business environment and entrepreneurs. Singapore focuses more on a knowledge based economy which can be seen in its education sysem. Furthermore, Singapore is located in the heart of Asia and it plays an important role in international
It’s important to have labor restrictions and eliminate unfavorable wages and poor working conditions in the developed importing countries. The low labor cost in developing countries is the result of poorly
. And also according to econedlink.com, when an economy is at full employment, no more workers can be hired for additional job. But now given the high unemployment in US right now, there should be enough workers available for service or production. Although US’s current GDP may be below its potential right now, a change
In 2008, the economy is expected to weaken slightly. As the US is coping with its economic problems, with the possibility of oil prices increasing, if the US goes into a serious recession, this will definitely affect the Asian region and Singapore will be greatly affected. If the US was to suffer a serious recession in its economy, it will most likely drag “Singapore’s GDP growth in the upper half if the 4.5-6.5 per cent forecast range” This situation will be clearer in the first quarter of 2008.
Singapore has a highly developed market which has historically revolved around extensive exports trade, in other words an export driven economy hugely dependant on export of goods to other countries.
One of our major objectives was targeting potential market in Asia and economic analysis has shown us that Singapore is the best country with high-income economy. The pharmaceutical and petroleum
Bridges to Life (BTL) is a local non-profit organization dedicated to the betterment of the community. BTL focuses on bringing healing to victims of crime and reducing recidivism. The program is broken down into 14 weeks, following completion a graduation ceremony is held. The program is available to victims, offenders and juveniles. BTL, works closely with Texas Department of Criminal Justice, and aids to more than 50 prisons in Texas. BTL strives to reduce recidivism through its graduates of the program, making our communities a much safer place. The 14-week program was designed to educate the offender of his/her crimes, and the impact it has on the victim and the community. This is accomplished through dialogue between the offender and victim. Throughout the program the participants are required to do homework, participate in workshops, write in journals, and write to the victim families. A training manual and study guide is provided to aide growth and reflection. Upon completion a graduation
From generation to generation, literature has defined our lives. Together, all of us read to gain information, become aware and think about the bigger pictures in life. During William Faulkner’s banquet speech for his Nobel Prize in literature, Faulkner discusses the “writer 's duty.” Faulkner states that writing should be from the heart, about the anguish, agony and sweat of the human spirit. If one does not write from the heart, mankind cannot prevail. Throughout Hillbilly Elegy by J.D. Vance and American Childhood by Annie Dillard, both memoirs recount the events of the writer’s life with universal truths in similar and different ways. Is Faulkner right in stating that writing should be from the heart? Or can
In the next year, GDP is intended to grow minimally. With the large abundance of new housing for sale, investment and consumption will increase. As job growth is strengthening, demand for better residency is growing, as well. The high demand for living complexes, nevertheless, is increasing prices and forcing residents to devote a larger portion of their income towards housing. Rent is accounted for as consumption by households, thus it is still positively influencing GDP. However, the inflated rent prices have caused a lack in consumption of other goods, as stated in the article No Let-up Seen in Rent Hikes This Year. Consumption by households accounts for about 68-70% of GDP and without the usual focus on buying products, such as groceries,
This research topic is significant to the current property market in Singapore and its sudden increased demand for houses despite the economic downturn, exploring deeper as to whether the government policies were the real influential causes to this boom in property demand. It has relevance to the economic concepts of demand and supply, elasticity, inflation and monopolistic competition. This topic is worthy of investigation because it is a hot media topic in Singapore, and is widely debated in the country because it’s the most expensive household asset.[2]
However, the development of Singapore’s society cannot be predicated on pure economics alone. Even though globalization has enabled Singapore to fare well in economic development, however, termed the perils of success, globalization has brought about undesirable
The economy continues to improve despite the last couple of years, by having an increased number of government budgets, increases number of efforts to reduce the public debt levels, and an export oriented growth
There is no wrong or right answer for the legalization of all forms of drugs. Studies have shown the positive and negative long-term consequences of drug use. In the following we will discuss pros and cons:
With foreign manufacturing industry entering Singapore market the manufacturing sector and its share in GDP grew from 16.6% in 1965 to nearly 30 % in 1980 and in 1993 manufacturing contributed to about 28 % of the total GDP and accounted for nearly 28% of employment. Singapore’s GDP raise to 13 times between 1960 and 1999. The nation has shown greatly decrease of figure of poverty. (United Nations 2000)
In terms acceleration of economic growth is based on the measurement of GDP, MALAYSIA HAS recorded a growth of 5.1% last year. Although it is lower than 7.2% in 2010, but it was so roaring in the context of a difficult global economic environment and uncertainty. In contrast, global economic growth has dropped from 5.2% in 2010 to 3.8% in 2011 while the economy of the developed countries like USA, Germany, UK, France and Japan also recorded weak growth of respectively 1.5%, 2.7%, 1.1 %, 1.7% and -0.5% in the same year; far lower than Malaysia's achievements. Following a satisfactory GDP growth was assisted by the Federal government revenue increased by RM13.2 billion in 2011 through increased collection of IRB estimate of RM109.7 billion compared with RM96.5 billion the government has managed to reduce its fiscal deficit to 5.0% compared projection of 5.4%. This means that the GOVERNMENT has successfully steered the nation's economy as well as the control and management of public funds wisely in the past 3 years in a row when managed to bring down the fiscal deficit from 7.0% in 2009 to 5.6% (2010) and 5.0% in the past year in a expanding economy.