Economic of Singapore Essay Example
Economic of Singapore Essay Example

Economic of Singapore Essay Example

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This assignment is the economic performance analysis of the country “Singapore” during the year 2005-2014. Geographically, Singapore is an island country in Southeast Asia and located at the tip of the Malay Peninsula that has a population of 5. 61 million.

However, either it is a small country or there are no natural resources but it is an economic giant because it was highly focus on human capital and because of its strategic geographical location which had performed greatly by way of a bustling port, standing as a logistic leader and center of trading in region.Singapore’s business nature was an open type of business that is free from corruption and that causes the economic condition of the country a high result, with less variable prices and low tax rate that was different from other developed countries. With the history dating back to 1963, Singapore o


btained independence from the United Kingdom and it had a very narrow local market with increasing levels of unemployment and high poverty rate . The standard of living was inferior and unemployment averaged 14 %. The Gross Domestic Product per capita was US$516, and half of the population was not educated.

To settle this issue, the Singapore government formed the Economic Development Board to encourage investment both local and foreign market as promoting the production of skilful employees, bringing foreign talents, opening the path for import and export market, introducing Goods and Services Taxes(GST), expanding Government revenue and controlling exchange rate and prices stability. As a result, Singapore’s economy had been quickly developed and then Singapore GDP per capita rose to US$ 40,020 in 2005 and became US$ 56,319 in 2014.Furthermore, living standar

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gradually increased with more workers transferring from low-income class to middle-income class. Therefore, unemployment rate was 4 percent in 2005 and it declined to 1. 7 percent in 2014.

Production/Output Performance Analysis GDP is one of the measurement used to evaluate the health of a country’s economy or development of a country’s economy. It means the total dollar value of all final goods and services produced in one country in a period time or a year.The Real GDP per capital is obtained by dividing the real Gross Domestic Product by the populations of the country and it is used to measure the average output between countries. GDP preforms as a measure of standard of living trends to improve when GDP per capita increases.

This causes GDP a proxy for standard of living, rather than a direct measure of it. There are two major things that GDP of a country can increase: the prices of goods and services , the quantity of goods and services. The following figures show the information about the production performance of Singapore.

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