The economy in Singapore grew by nearly 10 per cent in 2000. It is predicted to grow by less than half that rate in 2001. This is largely because the growth of Singapore's exports is expected to fall due to lower global electronics demand, the US economic slowdown and weaker Q1. What do you mean by open economy? growth in Asia. Such a decline (1) in the growth of its exports Q2. Explain how 'lower global electronics would have a significant demand, the US economic slowdown and impact on the weaker growth in Asia' would be likely to country because reduce the growth of exports from it has such Singapore. (2) an open economy. Q2. Discuss two factors, which could increase another component of Singapore's aggregate expenditure. (1)