10 years GDP report on Singapore - 1119 Words

Introduction Singapore is an island with a total population of 5.40 million (Singstat.gov.sg, 2014). The Singapore economy has enjoyed growth and employment rate has remained high over the years (Singstat.gov.sg, 2014; App.mof.gov.sg, 2014). The consumer price index (CPI) is also on a steady rise on year-to-year basis (Singstat.gov.sg, 2014; App.mof.gov.sg, 2014). This essay aims to provide an analysis on the country s economic performance over the past 10 years. Production Output Performance Analyis The Singapore economy has performed well over the past 10 years with an average annual GDP growth of 6.3%. GDP per capita has also doubled from US$27,403 in 2004 to US$55,183 (S$69,091) last year which ranked us in the 9th spot†¦show more content†¦To strive to achieve full employment, the government had put a few measures in place like the announcement of the government tightening on foreign workforce policy, it encourages firms to turn to hiring more local workers to meet their manpower needs. However, the current rate of local employment growth will be difficult to sustain in the long run due to demographic constraints hence the government also encourages firms to implement more manpower-lean methods of driving business growth in order to survive and thrive. The Ministry of Manpower will also monitor the impact of previously announced foreign workforce policy measures on employment, productivity, and incomes, and continue to take progressive steps to moderate foreign work force growth to more sustainable levels. This will result in upward pressure on wages and unemployment is likely to remain low while local employment should continue to register gains in 2014 (Mom.gov.sg, 2014). Price Level Analysis Singapore Consumer Price Index (CPI) rose 2.7 per cent in May from a year ago, the highest since March 2013, according to figures released by the Department of Statistics on Monday, June 23 2014. Inflation last month picked up pace from April, when the CPI rose 2.5 per cent on-year following a rise of 1.2 per cent in March (Channel NewsAsia, 2014). The main drivers ofShow MoreRelatedSingapores Globalized And Diversified Economy1664 Words   |  7 PagesSingapore Known as one of the Four Asian Tigers, Singapore’s globalized and diversified economy is only behind Hong Kong’s. 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