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BECO107- Business Economics
The economic status of Singapore enables it to earn the acknowledgement of one of the major financial hubs in the Asia-pacific region. The country’s prosperity increases because of its globalized activities in major industries like education, healthcare, entertainment, technology, manufacturing and logistics. The major economic driver of this country is electronic manufacturing goods, machinery, tourism, Insurance and airline for earning foreign currencies. The industrialists are attracted by the country because of its free-market economy where tax is very low, 14.2% of GDP and other advantages like political stability, secured property rights, zero foreign debt and high government revenue.
2. Key national statistics
2.1 Current GDP
The gross domestic Product (GDP) of Singapore is estimated at US$61,766 (nominal; 2018 est.) and US$98,014 (PPP; 2018 est.). This paper reports the economic performance of Singapore in the third quarter of 2018. The economic performance of Singapore has increased by 2.2% in a quarterly basis on a year. The pace of economic performance in the third quarter is slower than the preceding quarter by 4.31%. MTI, The Ministry of Trade and Industry, forecasts the GDP growth of 2018 is at 2.5%-3.5% (The Ministry of Trade and Industry, 2018). This report declares the cause of growth slowdown in the third quarter which is none other than the project slowdown in