Not sure what to write. I am not good in economics. Please seek your help.
Singapore maintains 2021 GDP forecast at 4 to 6% as economy contracts 5.4% last year. This is Singapore's first annual contraction since 2001 and its worst recession since independence. Prime Minister Lee Hsien Loong said the bulk of Singapore's economy is expected to recover this year but some sectors - such as transport, tourism and aviation - may take a longer time to do so. MTI said it had taken into account developments in the global and domestic economic environment for the decision to maintain its 2021 forecast range. The positive outlook comes amid further progress in the development and deployment of COVID-19 vaccines. For instance, China's Clover Biopharmaceuticals, a developer of coronavirus vaccines, has raised US$230 million from investors, including Singapore's state investment firm Temasek Holdings. Clover, which has been developing a vaccine using an immune response-boosting ingredient made by US-based Dynavax Technologies Corp, plans to start mid to late- stage clinical trials in the first half of 2021. Clover said it had also started production planning for potentially hundreds of millions of doses of its Covid-19 vaccine this year. Although the speed of vaccine deployment varies, advanced economies like the US and Eurozone are likely to reach population immunity by the second half of this year, which should spur their economic recoveries, MTI said. On the other hand, growth prospects for regional economies such as Malaysia and Indonesia have weakened due to the recent resurgence in infections. MTI also flagged several uncertainties and trade issues that remain in the global economy. Tourism and aviation related sectors, such as accommodation and air transport, are projected to see a weaker recovery than previously expected due to the slower-than-anticipated lifting of global travel restrictions, as well as sluggish travel demand. On what the latest 2021 outlook means for the labour market, a spokesperson from the Ministry of Manpower (MOM) said given the uncertainties that remained, employers will likely still be cautious about hiring. Even though the labour market ended 2020 "on a positive note" with growth in resident employment and a fall in unemployment rates, "substantial support" will still be needed this year to sustain the momentum in hiring, he added. Singapore is set to unveil its Budget 2021 on Tuesday. While observers expect it to be an expansionary budget, it will likely be more calibrated than the extraordinary fiscal resuscitation applied to the economy last year. Meanwhile, the Monetary Authority of Singapore (MAS) affirmed that its stance remains appropriate and unchanged. Inflationary pressures remained a closely watched parameter, as with the strength of the Singapore dollar. The central bank's next scheduled policy decision remains in April, he added. Source: Edited and adapted from: CNA, dated 15 Feb 2021 and Reuters, dated 23 Feb 2021. Scanned with CamScanner Provide economic analysis of the demand and supply issues facing Ine vaccine market, including price determination, elasticity, and market equilibrium. Describe the possible the challenges for Clover in addressing production factors and cost issues and explain the competitive landscape in relations to the market structure for vaccine. Explain the concepts of national income determination in Singapore, with regards to circular flow, GDP and the business cycle, and suggest solutions towards containing inflation, and unemployment. Discuss how fiscal and monetary policy options can help Singapore uplift the economy during the pandemic period. Analyze the issues facing international trade and recommend possible solutions that would help Singapore outcome the problems mentioned. Conclusion Summarize your points by discussing the efficiency and effectiveness of
