Singapore’s Economy

Published: 2021-09-12 22:10:10
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Research Paper on Singapore’s Economy

1 Introduction
Singapore is a small, multicultural and wealthy city-state located of the nip of southern Malaysia with an open and trade driven economy. Due to its geological location, the country faces an absence of natural resources which are essential raw materials for most productional countries hence limiting the country from being production focal. But local exports, particularly in electronics, chemicals and services including Singapore's position as the regional hub for wealth management provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it lacks.(Economy of Singapore, 2017)

Due to Singapore’s corporate tax rate being the third lowest in the world at just merely 17 percent easily making it the best country in the world to do business. Singapore has a highly developed market economy, based historically on extended entrepôt trade. Along with Hong Kong, South Korea, and Taiwan, Singapore is one of the original Four Asian Tigers, but has surpassed its peers in terms of GDP per capita.And as having a skilled workforce, this has helped in attracting huge multi national corporations like Google to set up headquarters in local grounds.

2 Production Output Performance analysis
2.1 GDP
Gross Domestic Product (GDP) is one of the most common primary indicator used to gauge the country’s state of economy. It represents the total monetary market value of all final goods and services produced over a specific period of time.

2.2 GDP Growth Rate

Referencing the chart shown above, Singapore as a country has been experiencing a steady and positive GDP growth rate throughout the years. Only with the exclusion of the late 2000s global financial crisis in year 2008-2009 when the global financial services firm; Lehman Brothers Holding Incorporation filed for bankruptcy causing global markets to immediately plummet and a systemic risk was triggered.

Following that Singapore’s economy growth fell to its lowest of a -0.6% gdp growth rate in 2009. However, as you can see from the above chart, Singapore managed to rebound back from the crash and in 2010 managed to accomplished its highest recorded over the years by reaching a GDP growth of 15.2% in its total economy, 29.7% in the manufacturing sector, 7.5% in the construction sector and 11.7% in the services producing industry.

Since then, Singapore’s economy growth has seen a steady average of 4.1% between 2011 to 2013. The contribution of such immense growth are mainly due to the establishment and completion of two Integrated Resorts (IRs) in Singapore in 2010, namely Resort World Sentosa and Marina Bay Sands, giving a huge bloom of job opportunities in the tourism and casino sector. In 2010, solely the IRs had contributed $3.7B to the economy. (Integrated resorts add 37b economy, 2017)

2.3 GDP Per Capita

GDP per capita is calculated by taking the total monetary output of a country, which is the GDP and dividing it by the number of people in the country. It is usually utilized when comparing countries as it shows the relative performance of the country itself.

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