In this section, provide an overview of conditions/events that have been taking place in the economy over the past 6 months and why these issues are important for the Singaporean economy and therefore the wellbeing of residents. Consider how these events may already be impacting and how they will continue to impact the household sector, the business sector and thus the potential wellbeing of the population in general.

Section requirements:

• You can (and should) identify more than one event (and no more than three). These events must be macroeconomics in nature - in other words they have the potential to affect the entire economy or whole sectors of the economy and therefore impact the well-being of a significant proportion of the population.
• Identify the sector(s) directly impacted and outline how this may spread to other sectors and thereby the economy in general.
• Discuss why/how this affects the well-being of residents - short-run and long-run impacts.