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In the framework of the Swan model , assume that Singapore was achieving both internal and external balance, prior to the outbreak of COVID 19.
In the framework of the Swan model, assume that Singapore was achieving both internal and external balance, prior to the outbreak of COVID 19. Assume that Singapore faces a relatively inelastic IB schedule and a relatively elastic EB schedule.
What automatic mechanisms may help restore internal balance? How effective might these mechanisms be in the current economic situation brought on by the Covid19 virus?
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