Economics Assignment: Production, Labor Market, Price Level Analysis

Running Head: Economics Assignment
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Project Report: Economics Assignment

Economics Assignment
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Contents
Introduction.......................................................................................................................3
Production output and performance analysis....................................................................3
Labor market analysis.......................................................................................................6
Price level analysis...........................................................................................................8
Conclusion........................................................................................................................9
References.......................................................................................................................10

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Introduction:
Singapore is a tropical island in south East Asia. The city is inhabited by five million
people and it is in 710 square kilometres. After the independence, company has adopted
parliamentary democracy system. Currently, the cabinet and the government are led by the
current PM, Less Hsien Loong along with the president, Halimah Yacob.
Since the independence of Singapore in 1965, the economy of Singapore has
witnessed various rapid changes into the economical performance of the country against the
world’s competitive economies. These changes have been achieved by a conducive and open
business environment along with the stable political climate which renders the favourable
choice amongst the worldwide investors.
Because of the various available natural resources, the competitive advantages of
Singapore have been improved and it lies in the human capital of the country. The human
capital of the country is recognized at worldwide and sought as a skilled labour workforce.
Also the geographical location of the country is quite better which has helped the country to
be leading country in the logistic and trading hub among the region (Lee, Goh & Fredriksen,
2008).
The global financial crisis has impacted on huge level to the economical position of
Singapore in early 2008. But gradually, the Singaporean economy has overcome it. Banking
and financial sector, imports and exports, FDI, labour market etc. the Singapore economy has
been evaluated with the other countries and it has been found that various positive changes
have taken place into the economical position of Singapore. The changes into the fiscal and
monetary policy of the company explain about better improvements in the economical
performance of Singapore.
Production output and performance analysis:
Singapore’s gross domestic product i.e. GDP of the country is the most crucial factors
to evaluate the economical performance of the company. GDP figures have been published
by the Singapore department of statistics and the below figures have been found:

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Figure 1: Singapore GDP
(GDP, 2018)
The economy of Singapore has witnessed various rapid changes into the economical
performance of the country in last 10 years. The figures 1 explain the overall GDP of the
country was 192.23 billion in 2008 which has been improved by 323.91 billion. The ratio of
the government expenditure to gross domestic product has also been evaluated and it has
been found that the total expenditure is 17.37% in the year of 2018. National debt of the
business in context with the GDP of the country is 110.86% in 2018. Gross domestic product
is one of the main indicators to evaluate the economical position of a country (Siddiqui,
2010).
The overall changes in the GDP explain that the GDP of the country is growing by an
average rate of 6.3%. However, due to the financial crisis in the country, the overall GDP rate
of the country has been lowered in 2008 and 2009. Further, the company has recovered from
the financial crisis very beautifully through clocking an exception increment rate of 15% in
2010 (GDP growth rate, 2018). When GDP growth rate of the country is strong,
organizations hire more workers and could afford to pay higher wages and salaries that lead
to more spending in the business and improves the overall economical position of the
business.