Economic Growth and Development of Singapore

Running head: ECONOMIC GROWTH AND DEVELOPMENT OF SINGAPORE
Economic growth and development of Singapore
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1ECONOMIC GROWTH AND DEVELOPMENT OF SINGAPORE
Table of Contents
Introduction:...............................................................................................................................2
Economic development of Singapore:.......................................................................................2
GDP growth rate:....................................................................................................................2
Inflation rate:..........................................................................................................................3
Unemployment rate:...............................................................................................................4
Balance of Trade:...................................................................................................................5
Analysis of the newspaper:........................................................................................................6
Conclusion:................................................................................................................................7
Reference:..................................................................................................................................8

2ECONOMIC GROWTH AND DEVELOPMENT OF SINGAPORE
Introduction:
Singapore is one of the highly developed economy and it is acknowledged as the most
open economy around the world. Continuous growth of the economy since decade has made
it one of the fastest growing economy and substantial amount of job creation has enabled it to
become a state that is known for the lowest amount of corruption. As per the recent report,
the country ranks 7th among all the participating nation in case of corruption ranking that has
resulted the business sector of the industry to get enhanced. As per the 2018 estimation Gross
Domestic Product (GDP) of the state is 554.9 billion and it is growing at a rate of 3.6% per
year (Van, 2016). As per the growth statistics of the state, it can be seen that the economy is
moving at a substantial rate during the present date. This report is aimed to study the growth
path of the Singapore’s economy utilising the various economic theories and the economic
principals. In addition to this, this report will portray the economic growth and the
development of the chosen economy utilising an article published recently depicting the
economic performance and situation of the Singapore.
Economic development of Singapore:
GDP growth rate:
Figure 1: GDP growth rate of Singapore
Source: (tradingeconomics.com, 2018)