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Assessment   Assessment Component 1: Individual Report, (PART 1 2000 words max) (weighting 70%) Assignment Instructions     For this coursework students must use the World Bank or IMF/IFS database. Each student will choose a specific country for this coursework and must therefore work with the relevant data set.Please include tables, charts and graphs where appropriate. All results must be interpreted. Downloaded data should be included in the appendix. At least 30yrs of data should be collected for this exercise.     Question 1 and 2 carry 50 marks each.   Using country-specific macroeconomic data write an economic report including the following points:   General overview of the economy, identifying the main aggregate d

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Part 1

Question 1

  1. A.      Overview of Singapore’s Economy

Singapore was ranked as the 10th most competitive economy in the world in 2018 (World Economic Forum, 2018.). With a GDP of $ 364 billion in 2018 and a population base of 5.6 million, Singapore features among one of the highest income economies around the world. According to the department of statistics of Singapore its per capita income currently stands at USD 62,839.


Singapore has registered staggering growth since its independence in 1960s – its GDP has grown at a cumulative rate of 7.7%. Out of the four major components of aggregate demand, Singapore has exceptionally well in terms of investment and exports. The massive industrialization it witnessed in the decades after independence put the economy on a high growth trajectory despite being an island nation. Manufacturing today accounts for nearly 20% of its GDP followed by Retail Trade at 17%, Business Services at 14.8% and Financial Services at 13.9% (Department of Statistics, Singapore.) Following is the breakdown of its GDP according to an agency of the government of Singapore:

The manufacturing sector al

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