Economics Essay

Zachery Teo

CT0246245

Singapore is a high-income economy with a gross national income $54,040 per capita (Atlas Method) , as of 2013. The nation provides the world’s most business-friendly regulatory environment for local businessmen and is ranked amongst the world’s most aggressive economies. In the decades after independence, Singapore quickly transformed from a low income nation to a high income nation. GDP developed with a average of 7.7% since independence, in the initial 25 years GDP peaked at 9.2%. Per capita GDP over the same periods rose by 5.4% and 7.2%. Accelerated industrialisation took force in the 1960s and, before the end of the decade, manufacturing had become the lead sector of the nation’s monetary development. By the early 1970s, Singapore had attained full employment. In the 1980s, Singapore had joined the positions of Hong Kong, South Korea and Taiwan among the freshly industrialising nations in Asia. Currently, the solid manufacturing and services sectors have come the twin foundations of the Singapore economy. There is an extensive variation of business,, with a explicit focus on high value added activities. (World Bank,2015)

From 2004 to 2013, Singapore’s GDP grew about 198.9% from 97 Billion USD to 289.94 Billion USD. Also, GDP per capita skyrocketed from 26297.1 USD to 36110.13 USD, a 37.31% increase.

As an aggregate form of measurement of total economic production for a nation, GDP conveys the market value of all goods and services formed by the economy throughout the period measured as well as individual consumption, government purchases, non-public inventories, paid-in development expenses and the foreign trade balance.

Real GDP takes inflation into consideration, permitting for comparisons against other historical time periods. However, the most important flaw of this information is its absence of timeliness. Investors only get one update per each quarter and revisions can be large enough to drastically amend the percentage...