Singapore Economic Progress Report-Free-Samples for Students

Question: Discuss about the Singapore Economic Progress Report. Answer: Current Events of Singapore The economy of Singapore has undergone significant turnaround in the las year. The economy has made a journey from phase of recession to a fastest rate of growth within just half a decade. A number of political and economic events have occurred in past few months. TVS-Asianics Supply Chain Solution Pte Ltd has acquired an access to the Asian Market following acquisition of Pan Asia Logistics (thehindubusinessline.com 2018). Singapore is considered as an ideal center for accessing Asian region. It has already achieved a turnover nearly equals to $100 million. This is expected to bring an increase in India and Asia. Coming to political front, Prime Minister in Singapore has recently announced the countrys budget for 2018. The budget for this year has given more focus on strategic and financial integration for securing a better future for the nation (straitstimes.com 2018). The present government has extended its support for business innovation and developed capabilities for domestic fi rms that ensure international competitiveness. GDP highlights Analysis of Quarter to Quarter Real GDP growth rate Figure 1: Real GDP in Singapore Figure 2: Trend in real GDP growth rate Summary of GDP growth The real GDP is past two decades has been risen sharply An overtime fluctuating trend in GDP growth is observed. Singapore economy has accounted highest growth rate in the second quarter of 2010 with growth rate being 7.44%. The minimum growth rate is accounted in the first quarter of 1998, the growth rate was -5.5%. The real GDP in the third quarter of 2017 has increased to 1,04,972.5 from 103243.5 in the second quarter. With increase in real GDP manufacturing sector is affected the most with its contribution increases from 25,263.7 to 26,637. Labor Market Highlights Unemployment rate in Singapore Figure 3: Trend in Unemployment rate Summary of labor market condition The unemployment rate in Singapore has constituted a fluctuating trend. However, Singapore has maintained an overall stable state with average unemployment being 2.34 For the given time period the unemployment has reached to a maximum level of 4.5 percent while the lowest unemployment rate being 1%. More employment has created in service sector than that in manufacturing sector. Price Movement Inflation in Singapore Figure 4: Overtime inflation trend The consumer price index in 2016 has slightly lowered as compared to 2015. In major categories like food, clothing and food services though cost increases housing and utilities, transportation and communication record a decrease in overall index. The sector that is most affected from ongoing deflation is the housing and utilities sector. Reference list Businessline. (2018).TVS-Asianics buys Singapore company Pan Asia Logistics. [online] Available at: https://www.thehindubusinessline.com/news/tvs-asianics-buys-singapore-company-pan-asia-logistics/article22827458.ece [Accessed 24 Feb. 2018]. HUIWEN, N. (2018).Budget 2018 is a strategic and integrated financial plan to build a better future: PM Lee Hsien Loong. [online] The Straits Times. Available at: https://www.straitstimes.com/singapore/budget-2018-is-a-strategic-and-integrated-financial-plan-to-build-a-better-future-pm-lee [Accessed 24 Feb. 2018].