Economic Progress in Singapore

Running head: REPORT ON ECONOMIC PROGRESS IN SINGAPORE
Report on Economic Singapore in India
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REPORT ON ECONOMIC PROGRESS IN SINGAPORE1
Table of Contents
Introduction......................................................................................................................................2
Current Event...................................................................................................................................2
GDP Highlights...............................................................................................................................3
Labour Market Analysis..................................................................................................................4
Price Movements.............................................................................................................................5
Conclusion.......................................................................................................................................6
Reference.........................................................................................................................................7

REPORT ON ECONOMIC PROGRESS IN SINGAPORE2
Introduction
Singapore has been a strong country economically and to keep the good economic
condition it is necessary to implement effective policies regularly. Therefore, thorough
information and analysis is required to make effective policies. Therefore, the report discusses
and analyses the important aspects of economy of the country. The aspect that the report focuses
on are a current event that affecting the country economically, economic indicators like gross
domestic product, labour market with special emphasis on employment and movements in price
level. Therefore, the report discusses about the economic progress in Singapore to help the
government to devise effective policies.
Current Event
Many events are occurring or has occurred recently in Singapore but the event that has
acquired the most important status is the outbreak of Corona virus. It is more appropriate to state
the event as a national issue as it is spreading fast. So far the number of people diagnosed with
Corona virus is 58 (The Star Online 2020). Experts are afraid that the outbreak of the disease
might take the form of an epidemic considering the case of Corona virus in China. It is estimated
that the economic impact of Corona virus outbreak is going to be worse than the SARS pandemic
occurred in 2003. The impact would be on the tourism sector and there would be huge fall in
number of tourist travelling to Singapore in near future. As per a report by the DBS Group
Holdings, there will be less tourists visiting Singapore this year and the number of fall in tourists
could be 1 million. Such a big fall in number of tourist will possibly lead to loss spending in the
sector worth $1 billion (South China Morning Post 2020). Therefore, such a loss of revenue
would hurt the economy of Singapore. In addition to that, the government of Singapore is going
to announce economic package to encounter and alleviate the problem of Corona virus outbreak