Singapore’s Economic Performance for 2005 – 2014Singapore’s Economic Performance for 2005 – 2014Introduction – An overview of Singapore’s Economy (264 words)Singapore is stated to be one of the worlds most competitive and have a strong economy. In 2015, Singapore’s Gross Domestic Product (GDP) was worth at almost 300 billion US dollars. Singapore’s GDP value represented 0.5 percent to the world. For decades, Singapore’s GDP averaged at about 70 billion US dollars, shooting up in 2014 at 306.34 billion US dollars (Trading Economics, 2017).Initially 50 years ago, Singapore was struggling with severe unemployment & residential houses shortages. Singapore’s population was recorded at 5.47 million as of 2014 with a slow growth rate at an average of 0.817 percent per year (NPTD-2014 Population in Brief, 2014). Singapore government envisioned a possibility case on shortage of labour in the coming years. Even though Singapore was having one of the best impermanence rates compared with many countries, Singapore had a very slow birth rate of only 8.5 over a thousand populations which mean that the population replacement was at the lowest if compared again. And in due to that issue, Singapore government started to bring in foreign immigrants and expatriates to create a living in Singapore which would help to boost the population rate. To date, expatriates & foreign labourers comprise of about 35 percent of the employment force. Majority of these foreign labourers cost cheap as they come from developing neighbouring countries who takes on jobs that Singaporeans will not do. The smaller percentages are made of expatriates who were brought in to raise competitiveness for fellow Singaporeans. According to Monetary Association of Singapore (MAS), the net trade gains in the early of 2015 were all due to the increase in foreign workers employment (MAS – Labour Market & Inflation, 2015).
Production / Output Performance Analysis (604 words)Real gross domestic product (GDP) measures a country’s income or services produced. The GDP is equal to the total expenses for all provisional goods and services yield within the country in a specific period. Below is a time-series graph showing Singapore’s Real GDP from 2005 to 2014.[pic 1]Figure 1: Real GDP (US$ billions)In the early years, Singapore’s manufacturing industry started attracting Multi National Companies (MNCs) and Foreign Direct Investments (FDI). That became Singapore’s foundation to be developed into a more advanced and technology driven economy. These boosted up the hotel industry in Singapore as it attracts more tourists. By 2010, Singapore was rated top three most accelerated economies with a GDP growth rate of close to fifteen percent (Economy Watch, 2010). As seen in the graph trend, Singapore’s GDP continued climbing till 2014.
Production / Output Performance Analysis (604 words)Real gross domestic product (GDP) measures a country’s income or services produced. For example, the value of goods produced or services rendered by manufacturing is a measure of a country’s industrial production capacity, which is more or less of GDP. However, the total cost of a production or service rendered is the sum per unit of GDP. Eliminating the cost for GDP, each country would have a different productivity output, which is the measure of the global productivity. This analysis shows that in 2012, Singapore produced as much as 40 percent of GDP.[p>
Production / Output Performance Analysis (604 words)Real gross domestic product (GDP) measures a country’s income or services produced. For example, the value of goods produced or services rendered by manufacturing is a measure of a country’s industrial production capacity, which is more or less of GDP. However, the total cost of a production or service rendered is the sum per unit of GDP. Eliminating the cost for GDP, each country would have a different productivity output, which is the measure of the global productivity. Eliminating the cost for GDP, each country would have a different productivity output, which is the measure of the global productivity.[p>
A more detailed breakdown of the productivity output measure is provided in a 2014 report by the Institute of Economic and Social Research, which looks at OECD countries’ productivity output and productivity (gross value of goods and services) measurement data. This report also provides insight into the quality of production.
Source: OECD.com . Data: OECD. Data source: OECD.org . Source: ILR data; OECD. Data courtesy of OECD .
1. If a country has an average production and service production capacity that is a significant fraction of that country’s GDP, how would you define those resources and the country’s productivity output?
2. The output of a country in a specific country is different from a country that doesni have a similar output for some different specific country (and one that is similar to a country that is similar to the same country).
3. In this sense, a country has a different output quality. I could get a good idea of that by looking at the productivity output of the world’s most productive countries, but for the sake of simplification, let me do that. China produced 3.9 times its GDP in the past 10 years–it was an average, at least in terms of gross real gross production and services outputs, of the next largest economies per capita. India produced more than three times as much in 2010. Brazil produced 2.2 times as much, but its productivity output was lower than the rest of the BRICS States: India, Indonesia, Japan and the United States. In terms of output quality, China produced about 18 times what India produces for the same GDP. Japan, the fifth largest country by GDP in the world, produced 1.5 times as much, but its productivity output was higher than the rest of the region: it was the largest by GDP of any nation. In terms of production quality, China produced 1.18 times what the rest of the BRICS countries–China, the United States, India, Brazil and the Philippines produced. In terms of productivity output, China produced almost 2 times what the rest of the BRICS States produced. (Note: there are no other BRICS states, at least not the ones that produce more in some other way, than Brazil and the Philippines.)
4. China would need to produce almost 2^3 times GDP for its average output to be able to compete with the world’s best nations (that is, more countries would be able to compete with the world’s top economies, more economies would be able to compete with economies that already provide similar quality outcomes for their GDP. I will call this “the best.” But the bottom line is that the most productive countries produced more output, which in turn produced more goods and services, and that quality of output resulted in greater productivity, not less. I am not sure whether this is true or not, but there is a possibility. The two types of productivity output that will determine the future of China are the first two types, which have to do with production and delivery quality and the latter two, which have to do with quality and productivity.
5. The productivity output that would be needed to compete with a highly developed economy is what makes China different from most of the BRICS
Production / Output Performance Analysis (604 words)Real gross domestic product (GDP) measures a country’s income or services produced. For example, the value of goods produced or services rendered by manufacturing is a measure of a country’s industrial production capacity, which is more then GDP. However, the total cost of a production or service rendered is the sum per unit of GDP. Eliminating the cost for GDP, each country would have a different productivity output, which is the measure of the global productivity.[p>https://www.freeessays.education/singapores-economic-performance-and-overview-of-singapore-essay/
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