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Analysis of Singapore's Economy Recovery
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Analysis of Singapore’s Economy Recovery
Singapore is not one island, it is surrounded by 63 islands. In around 150 years, Singapore grows into a big industry.  Singapore is among the 20 smallest countries across the world. It has a total area of 682 sq. km. The country like the USA is 15,000 times bigger than Singapore (Aggarwal and Urata, 2013).

Singapore’s economy would continue to grow fast as the country has its focus on technology, communications and media as subsistence. In the last 50 years, Singapore is enjoying its growth and has advanced in economics around the world. Technology, communication and media advancements have provided organisations with many new business opportunities. Like technology has lowered the costs of communication and has enabled more business in order to enter the global market. It has also affected Singaporean economy and has led to more production. Many new businesses like Grab have successfully capitalised themselves on the basis of technology and has created niche marketing by matching demand and supply. Communication has also advanced in Singapore in the last 50 years. The role of media is getting stronger in this country. Technology has made communication easy and communication has made media access easy. In this way Singaporean economy is growing faster (Lim, 2015).

Singapore has developed a trade-oriented market economy. Singaporean economy is ranked among the most open across the world. The country’s economy is 7th least corrupt amongst the world’s corrupted country. The taxes are low at 14.2% of GDP. The country has the third highest per capita GDP around the world with respect to purchasing power parity.


  1. GDP

The GDP that is gross domestic product in Singapore was more than 296.97 billion of US dollars in the year 2016. It represents 0.48% of the world’s economy. Gross domestic product in Singapore is averaged 75.70 billion from the year 1960 to 2016, and it was high in 2014 as 308.14 billion and a record of 0.70 USD billion in the year 1960.

The GDP helps in measuring national income and output for the country’s economy. It is equal to the total expenditures for all the goods and services produced in the country in a specific period of time (Katircioglu, 2014).


  1. Inflation

Consumer prices in Singapore have been increased to 0.6% from July 2017. There has been 0.5% rise in the last month and markets were expected to increase 0.8%. Transportation cost has been increased faster and food inflation was normal and housing cost has fallen. Consumer prices excluding costs of accommodation, roads, transport have been decreased from 1.6% to 1.5% in the year June. On a monthly basis, consumer prices have declined by 0.2%, after falling 0.1% in the starting month. The inflation rate in Singapore is 2.64% on average from the year 1962 to 2017 and has reached highest of 34% in March of 1974 and was low at -3.10% in the year September of 1976 (Rodan, 2016).


  1. Monetary policy and interest rate

Monetary policies and interest rate in Singapore depends upon the exchange rate management. There is no policy for interest rate or money supply in Singapore. Money supply in Singapore is essential as per economic activity. It has a limited impact on the activity of economy in terms of real and nominal terms. The exchange rate has influenced inflation (Stubbs, 2017).


  1. Unemployment

The unemployment rate in Singapore is 2.45% on average from the year 1986 to 2017 and has reached 6% in the first quarter of the year 1986 and was recorded low of 1.40% in the second quarter of the year 1990 (Tremewan, 2016).

Singapore’s economy is increasing and is facing many challenges in terms of growth, technology, communication and media. Their GDP, inflation rate, monetary policies and unemployment rate are playing an important role in the Singaporean economy. The unemployment rate is only 2.45% in Singapore.



References
Aggarwal, V. and Urata, S. eds., (2013). Bilateral trade agreements in the Asia-Pacific: Origins, evolution, and implications. Routledge.
Lim, L.Y., (2015). Fifty Years of Development in the Singapore Economy: An Introductory Review.
Katircioglu, S.T., (2014). Testing the tourism-induced EKC hypothesis: the case of Singapore. Economic Modelling41, pp.383-391.
Stubbs, R., (2017). Rethinking Asia's economic miracle: The political economy of war, prosperity and crisis. Palgrave.
Rodan, G., (2016). The political economy of Singapore's industrialization: national state and international capital. Springer.
Tremewan, C., (2016). The political economy of social control in Singapore. Springer.

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