Economic

Question 1

a. Obtain data on GDP or GNP (real GDP data preferred) of a country for five years. Using the information gathered, discuss and assess the economic growth of this country. Explain the pros and cons of growth and provide evidences to prove your findings.

b. Suggest an alternative method of measuring economic welfare/happiness of a country.

Table of Contents

1.0 Introduction 2

2.0 Economic Growth of Singapore 2

2.1 Property Right 2

2.2 Patents, Copy Right and Technology 2

2.3 Financial Institution 3

2.4 Investment in Human Resource 3

2.4.1 Literacy and Education 4

2.5 Infrastructure 5

2.6 Free Trade 5

3.0 Singapore Growth Analysis 5

3.1 Positive of Growth 7

3.2 Negative of Growth 8

4.0 Introduction to Alternative Method on Happiness 11

4.1 Alternative Method on Happiness / Welfare 11

5.0 Conclusion 13

6.0 Bibliography 13

7.0 Appendix 20

1. Introduction

Singapore is a highly developed and successful free market economy which enjoys stable prices, high income, is ranked 4th in the Corruption Perception Index in 2008 and is the 8th[1] wealthiest country in the world. Singapore has established itself as a reputable international financial and trading hub.

Singapore’s economy largely consists of exports, entrepot trade and re-exports especially in electronics and manufacturing. MNCs account for more than two-thirds of manufacturing output and direct export sales, with heavy exports to countries such as China and US. With bulk of its earnings depending on exports, Singapore’s economic stability is closely linked with its fellow countries.

2. Economic Growth of Singapore

1. Property Right

Singapore has a strong property right, due to enforcement of strict laws. It has developed the necessary regulations to ensure its citizens and investors are well protected. Intellectual Property Rights Branch enforcement was established to protect against intellectual property rights...