Macroeconomic Analysis of Singapore Economy Essay
This essay sample is on Macroeconomic Analysis of Singapore Economy. Here we will cover What is macroeconomic analysis, Singapore economy: Overview, GDP of Singapore, Recent economical development, the Labor market of Singapore, The macroeconomic policy of Singapore, etc.
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Introduction- Macroeconomic Analysis of Singapore Economy Essay
Now, the concept of Macroeconomics is not something new. If you are a student of economics there are chances that you already know what it means. Regardless, we shall define everything necessary. Nevertheless, we shall be discussing the macroeconomic analysis of Singapore’s Economy in this sample essay.
Moving on, we shall be dividing the sample essay into different sections for the sake of simplicity and ease of understanding. So without further adieu, we shall be looking at the definition of macroeconomic analysis. Which is, as mentioned below:
Main body- Macroeconomic Analysis of Singapore Economy Essay
What is macroeconomic analysis?
The term “Macroeconomic” is a fairly well-known one. Even if you are not a student of economics, you may have heard about it. This is because it is one of the two most widely used subfields of economics. Another being microeconomics. Nevertheless, it can be defined as:
It is a subfield of economics that concerns the study of the economy’s behavior as a whole. In contrast, microeconomics focuses on individual economic entities as well as their decision-making process. Macroeconomics analysis takes into consideration all the general economic factors.
Regardless, these factors and the Macroeconomic analysis for that matter determine the overall health of the concerned economy. Moving on, we shall be looking at the Singapore Macroeconomic Analysis. Starting from Overview of Singapore’s economy. Which is, as mentioned below:
Singapore economy: Overview
The economy of Singapore is a fairly strong one and this fact is well-known across the world. In addition to this, it is a highly developed free-market economy. Plus, it is one of the least corrupt and most open markets in the world. In fact, it provides the best ecosystem for business on the globe.
Moreover, Singapore has quite low tax rates. Consequently, City-state is a commercial and financial hub. Moving on, we shall be looking at the GDP and recent developments in the economy of Singapore, below:
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GDP of Singapore
GDP is an acronym for the Gross domestic product. Well, to say the least Singapore has the second-highest GDP per capita in the whole world. However, the GDP of lion-city took a hit during the unprecedented pandemic. It took a sharp drop in Q1 of 2020. Nevertheless, it was seen recovering steadily.
Recent economical development
The most recent event greatly affected the economy of Singapore. In fact, since the global economic crisis, a pandemic caused the largest loss to the economy of the city-state. However, following Q2 of 2020 lion city’s economy took a steady pace towards recovery.
The Labor market of Singapore
The labor market, as suggested by name refers to the job market including the supply and demand, as well as the unemployment rate. It also took into consideration Inflation as a factor.
The macroeconomic policy of Singapore
The macroeconomics policy of the Singapore city-state was severely pandemic. As it went on, the government changed its policies greatly to cope with the ongoing situation. Two important components of macroeconomic policies are 1. Monetary policy and 2. Fiscal policy. We shall be discussing these two in brief below:
The monetary policy of Singapore was modified by MAS to cope with the recession following the pandemic. MAS (monetary authority of Singapore) is responsible for all the finance-related regulations. In fact, the situation was already on a downward path pre-pandemic as early as 2019.
Fiscal policy refers to plans and guidelines that regulate the government’s spendings, tax rates, and other such factors. Moreover, fiscal policy plays a major role in helps the economy lessens the effect of recission following the pandemic.
The Singaporean economy has been performing well in the past few years, with a GDP per capita growth rate of 3.8%. Alongside this positive performance is an unemployment rate that has dipped to 2% and increased productivity as measured by GDI per hour worked which went up from $43.91 in 1997 to $53.01 in 2010 – all good signs for sustainable economic success going forward!
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