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Singapore’s Economic Performance (2005 -2014)

Introduction

Singapore is considered to be one of the most highly developed market economies, which is trade oriented. The economy of Singapore ranks high in terms of least level of corruption with the lowest tax rates. Singapore is considered to rank 40th in terms of GDP (in terms of purchasing power parity). The population estimates of Singapore are 5.5 million for the year 2014. The nominal GDP is estimated to be US$307.9 billion and Intl. $ 70.551 billion is estimated for the GDP (PPP) (Room, 2016). Based on the economic performance of Singapore, the economy is highly suitable for business purposes. The country has a steady political atmosphere and attractive climate for investment. As estimated in the year 2014, the inflation rates are quite low in the country with 1% and, on the other hand, the unemployment rates are also quite low, which is estimated to be 2%.

Singapore has a high outflow of foreign direct investment in the world and the country also receives a substantial amount of FDI from the global investors and different organisations. The country has the highest trade to GDP ratio in the entire world, which proves that the country actively participates in trade. The exports mainly comprise of the chemicals, services and electronic goods and on the other hand, the imports of the country mainly comprise of the natural resources and raw goods. The assignment deals with the output performance analysis, labour market analysis and the price level analysis of the economy of Singapore over the years 2005-2014. 

Production/Output Performance Analysis: 

The real GDP is defined as the value of the final goods and services adjusted for the inflation produced within the country for a period of one year (Abel, Bernanke and Croushore, 2014). The growth in real GDP is calculated on the basis of the change in the GDP of the country from year to year.

Post-independence, the economy of Singapore has been expanding rapidly and has attained a top position in terms of the GDP per capita. The current GDP growth rate is 6.2% as estimated for the year 2015. The economy of Singapore relies hugely on the foreign trade and is considered to be the most business-friendly economy attracting a substantial amount of FDI and also making an investment in other countries. The country is also the most important financial centre.

The Terms-of-Trade (ToT) is the ratio of the price of the goods exported to the price of the goods that are imported.

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The ToT in Singapore has increased from 109.66 Index Points to 110.24 Index Points in the months of January 2016. The graph above shows that the ToT had been steadily declining over the years. The deceleration in Singapore’s Tot is mainly due to either of the two reasons. First, the price of the exported goods has decreased and second the price of the imported goods has increased. Considering the fact that the value of exports is estimated to be S$518.922 billion and the value of imports is recorded to be S$463.779 billion (both estimated in the year 2014), it can be said that the exports are higher than that of imports. So, there is a chance that the price of the exports has declined, which created an upward pressure on the demand for exports from the rest of the world (Dept, 2014).

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The GDP measures the final output of the country over a period of time. The GDP of Singapore was estimated to be 307.86 billion US Dollars for the year 2014. The GDP of the Singaporean economy had reached its peak for the year 2014. The per capita GDP is defined as the GDP by the total Singaporean population, which is adjusted by the inflation rate. The per capita GDP was estimated to be 38087.89 US Dollars for the year 2014, which is the highest value of the GDP per capita, recorded so far (Dornbusch, Fischer and Startz, 2014). The GDP of Singapore reflects a constant and steady increase and on the other hand, the GDP per capita depicts somewhat fluctuating trend. The GDP per capita had declined in the year 2009 to 30700.47 billion US Dollar from 31832.71 billion US Dollar. This can be explained by the global financial crisis in 2008-2009, which drove down the GDP growth rates.

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