An overview of the Singaporean economy in 2020 (6 marks total)
In this section, provide an overview of the Singaporean economy in 2020. Things that you should include in your overview are:
- The type of economic system including reference to government intervention
- Openness of the Singaporean economy
- Description of 2 key industry/sectors that have contributed to the growth of the Singaporean economy since 2000
- Key trading partners
State the word count at the end of the paragraph
Measuring macroeconomic indicators (5 marks total)
Using the data provided in the Excel file generateONEappropriate Excel chart showing the annual Real GDP or RGDP over the period 2000-2019. Make sure your chart has clearly labelled axes.
Using the data provided in the Excel file generateONEappropriate Excel chart showing the annual economic growth rate over the period 2001-2019. Make sure your chart has clearly labelled axes.
Using the data provided in the Excel file generateONEappropriate Excel chart showing the annual inflation rate over the period 2001-2019. Make sure your chart has clearly labelled axes.
Explain why the second two graphs need to start from 2001 even through you have GDP and CPI data back to 2000.
State the word count at the end of the section answer
Impact of COVID-19 on the Singaporean economy (5 marks total)
The economic impacts of COVID-19 have been reported widely. Provide a description of what you consider to be the main economic impacts as a result of COVID-19 on the Singaporean economy. Identify sectors of the economy that have been most adversely impacted and the reasons for this.
State the word count at the end of the paragraph for this section answer
Recommendations (4 marks)
You now need to conclude your report with 3 recommendations.. In light of what you have prepared in the earlier sections, identify 3 key recommendations for the government minsters who will be using your report. These three recommendations should be focused on what you think the government should be doing to aid the objective of long-term economic prosperity and economic recovery from COVID-19.
State the word count at the end of the paragraph for this section answer
Data to assist with parts of the Report:
Variables 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Gross Domestic Product At Current Prices, By Industry (SSIC 2015 Version 2018), Annual 2019 GDP At Current Market Prices 165,632.4 160,885.6 165,698.1 170,117.9 194,433 53,914.4 212,723 236,158.8 272,697.6 273,941.6 282,394.5 326,980.1 351,367.9 368,770.5 384,870.3 398,947.9 423,444.1 440,218.2 472,079.1 503,395.2 507,567.7 Goods Producing Industries 49,009 51,062.7 51,521.8 62,104.9 66,928.4 73,075 77,087.9 72,476.1 76,407.5 87,214.8 88,878.9 92,399.6 Manufacturing 90,366.2 96,561.8 42,835 37,638.7 40,989.8 42,130.4 102,986 102,687.8 110,376.3 127,298.9 124,462.1 52,729 57,598.5 62,766.3 64,963.8 56,392.7 57,250.9 67,926.3 68,806.8 70,497.2 Construction 8,191.5 67,885 71,809.7 7,784.6 76,598.2 77,271.6 87,009.8 104,411.4 100,511.2 6,685.5 6,025.6 5,844.6 6,010.7 6,485.3 8,095.8 11,971.2 14,989.9 Utilities 14,405.2 2,735.3 14,840 16,425 17,127.3 3,453.2 19,183.8 20,433.8 3,269.7 3,423.1 17,007.2 17,789.3 3,202.1 19,669.4 17,749.2 ,261.8 3,708 3,911.4 Other Goods Industries 3,998.7 4,051.8 4,765 5,110.3 5,354.5 5,221.4 5,430.3 5,815.9 5,607.6 152.6 132.5 117.7 104 108.2 5,477.1 5,737.3 6,011 117.1 115.4 116.9 113.5 114.9 118.3 121.8 122.9 Services Producing Industries 132.5 94,722 138 138.1 139.2 40.2 14 96,292.5 100,299.7 103,487.5 116,870.3 129,980.6 146,200.2 172,146.6 177,067.3 181,693.7 210,485.1 150.6 Wholesale & Retail Trade 20,732 228,917 239,469.3 255,082.3 262,839.8 278,101.3 293,423.6 315,435.9 331,841.5 338,841.2 20,094.1 22,246 22,833.1 27,692.7 34,655.5 42,056 49,097.7 45,086.1 50,395.9 59,177.5 ransportation & Storage 68,009.6 67,637.8 15,464.5 68,495.3 64,724.5 14,233.2 65,584.5 74,220.2 81,543.4 86,520.7 16,035.1 83,178.5 14,135.5 19,236.8 20,698.4 20,842.7 24,637.9 Accommodation & Food Services 3,805.7 25,177 21,455.1 22,159.2 3,836.2 25,271 23,702.9 24,756.6 27,092.7 30,014.6 3,694.8 3,474.1 3,857.7 3,980.7 4,869.7 27,614.1 31,578.4 30,633.1 4,303.2 32,141.9 5,355 4,970.7 6,065.5 7,228.4 7,847.4 8,208.9 formation & Communications 5,722.1 8,665.3 3,763 6,737.9 6,505.9 9,229 9,445.1 9,866.4 6,970.7 10,237.1 7,436.6 7,980.3 8,432.8 9,147.9 9,609 inance & Insurance 10,561.5 11,350.1 12,548.8 15,598.8 16,507.6 13,695.3 15,798.8 16,690.6 16,886.9 18,539.1 14,774.3 15,779.3 18,610.8 19,823 20,763 19,680.3 23,508.5 29,568.6 17,267 30,190 31,589.8 33,986.8 Business Services 17,653.6 17,435.6 18,222.7 1 35,298.7 37,722.1 42,892.6 45,968.7 49,874.5 18,338.5 19,944.9 22,167.1 51,658.9 56,921 62,202 66,720.7 Other Services Industries 5,745.3 17,447.9 24,514 30,639.5 35,704.4 35,754.6 42,214.3 47,787.4 18,804.2 18,949.1 51,304.5 55,661.5 57,934.4 20,162.5 20,818.3 22,543 24,185.3 63,122.4 65,796.5 66,796.4 6 25,945.8 26,966.1 32,419.9 3 69,823.3 71,476.1 Ownership Of Dwellings 5,758.1 35,884.9 40,293.1 5,708.9 5,981.2 5,763.6 37,559.3 42,655.4 6,020.5 6,317.8 44,963 47,637.9 50,540.8 52,973 54,323.9 7,012.2 Gross Value Added At Basic Prices 154,394.5 7,943.3 10,166.2 10,351.7 11,347.1 13,604.9 15,749.3 151,322 157,071.3 160,990.5 184,738.8 203,226.8 226,287.4 257,177.8 259,709.6 268,452.9 17,251 17,797.2 18,100.1 17,589.4 17,436.3 17,750.4 18,362.4 Add: Taxes On Products 11,237.9 309,047 331,400.8 347,618.2 362,699.5 377,198.8 399,187.4 413,700.8 443,248.5 476,890.8 481,665.7 9,563.6 8,626.8 9,127.4 9,694.2 9,496.2 9,871.4 15,519.8 14,232 Consumer Price Index (CPI), 2019 As Base Year, Annual ** (Index) 13,941.6 17,933.1 1 19,967.1 21,152.3 22,170.8 21,749.1 24,256.7 26,517.4 28,830.6 26,504.4 25,902 All Items 74.4 75.2 74.9 75.3 76.5 76.9 77.6 79.3 84.5 85 87.4 92 96.2 98.5 99.5 99 98.4 99 99.4 100