DUY TAN UNIVERSITY
Macroeconomic Study of Selected Economy ECO 152G: INTRODUCTION TO MACROECONOMICS Lecturer: AUNG KYKAW OO HO BACH THU NGUYEN
SINGAPORE ECONOMIC REPORT
Macroeconomic Study of Selected Economy ECO 152G: INTRODUCTION TO MACROECONOMICS Lecturer: AUNG KYKAW OO HO BACH THU NGUYEN
SINGAPORE ECONOMIC REPORT Team Members: Name ID number
1. Name 1: Trần Hồng Phúc 28214523704
2. Name 2: Lê Ngọc Diễm Phương 28204506234
3. Name 3: Trương Đình Nguyên Bảo 28214644197
4. Name 4: Khuất Quang Cường 28214506865
5. Name 5: Đỗ Đăng Tấn 28214554602
6. Name 6: Nguyễn Thị Hoa 28204502212 I. Country background: 1.1: Introduction:
- Singapore, full name is the Republic of Singapore, is
the smallest country in Southeast Asia, located in the
south of the Malaysian peninsula, bordering the
Malaysian state of Johor to the north and opposite
Indonesia’s Riau island to the south. 1.2: Population:
- The current population of Singapore is 6,010,100
people. Singapore's population currently accounts for
0.07% of the world's population. Singapore is ranked
114th in the world in the population rankings of
countries and territories. Singapore's population density is 8,586 people/km2.
- 100.00% of the population lives in urban areas. The
average age in Singapore is 44 years old.
1.3: Currency Unit, Exchange rate ( to U$$)
- Currency unit is: Singapore Dollar ( SGD )
- Exchange rate: 1 USD = 1,34 SGD 1.4:Political system:
- Singapore is a parliamentary republic. Executive
power belongs to the Singapore Cabinet led by the
Prime Minister. Singapore's Parliament serves as the
legislative branch of the government.
- Singapore has very severe penalties, caning in public
places, which can be applied to crimes such as sexual
harassment, causing disorder, and harassment. Drug
crimes are handled very harshly, including the death
penalty, even for people with foreign nationality. 1.5: Economics Singapore:
- Singapore's economy is a free market economy with
a high level of development and the third lowest level
of corruption. This is the country with the most large
businesses operating domestically thanks to low taxes,
and the country's GDP per capita is also the third
highest in the world. Singapore's economy is the 4th
largest in Southeast Asia, respectively ranked 14th in
Asia and 34th globally by nominal GDP.
- The export industry's key products are electronics, chemicals and services.
II. Economic Indicators ( about 5 years for the following):
2.1: Economic output (GDP); (Compare with Vietnam’s GDP):
A) Singapore’s economic output (GDP) and Singapore GDP growth rate
Singapore’s economic output (GDP) 500 10 450 8 400 6 350 300 4 250 2 200 0 150 -2 100 50 -4 0 -6 2018 2019 2020 2021 2022 GDP (Billions of US $) GDP Growth Rate (%)
- Singapore’s GDP in current US dollars was $376.87
billion in 2018, $376.84 billion in 2019, $348.39
billion in 2020, $423.80 billion in 2021, and $466.79
billion in 2022. This shows that Singapore’s economy
has been growing steadily over the years, except for a
slight decline in 2020 due to the impact of the COVID-19 pandemic.
-The GDP growth rate in Singapore fluctuated over
the years, reaching a five-year high of 8.88% in 2020
and a low of -3.90% in 2020 due to the impact of the Covid-19 pandemic.
Singapore's economy is largely driven by the trade-
oriented services sector, which accounts for about
80% of total output. Other important sectors include
manufacturing, construction, wholesale trade, retail
trade, transportation and storage, and storage.
Singapore is also a global hub for finance, logistics, tourism and innovation.
B) Compare with Vietnam’s (GDP) and (GDP) growth rate
Economic output of Singapore and Vietnam (GDP) 500 10 450 8 400 6 350 300 4 250 2 200 0 150 -2 100 50 -4 0 -6 2018 GDP Singapor 20 e ( 19 Billions of US $) 2020 GD 202 P Vi 1 etnam (Billions of 2022 US $) GDP Singapore Growth Rate (%) GDP Vietnam Growth Rate (%)
The GDP of Vietnam and Singapore both increased
continuously over the years, except for a slight
decrease in 2020 due to the impact of the COVID-19
pandemic. Singapore's GDP is much higher than
Vietnam's in every year, but the gap has narrowed
over time. Vietnam's GDP growth rate is higher than Singapore's in most years.
Both Vietnam and Singapore have strong recoveries
after the negative shock in 2020 and achieve the
highest growth in the period 2021-2022 Vietnam
achieves a growth rate of 8.02% in 2022, the highest
in the Southeast Asia region, while Singapore
achieves a growth rate of 8.88% in 2021, the highest in the Asia-Pacific region.
2.2: Singapore’s GDP per capita; (Compare to
VietNam’s GDP per capita):
A) Singapore’s GDP per capita:
Singapore’s GDP per capita 100 30 26.82 90 82.808 25 80 77.71 20 70 66.837 66.07 61.274 15 60 50 10 9.27 40 6.56 5 30 0 20 -1.15 10 -5 -7.26 0 -10 2018 2019 2020 2021 2022 GDP Per Capita (US $) Annual Growth Rate (%)
Singapore’s GDP per capita has been increasing over
the years, except for a slight decline in 2020 due to the
impact of the COVID-19 pandemic. Singapore has
one of the highest GDP per capita in the world, ranking seventh in 20235.
Singapore’s GDP per capita growth rate has been
fluctuating over the years, reaching a peak of 26.82%
in 2021 and a low of -7.26% in 2020. Singapore’s
economy has been resilient and dynamic, recovering
quickly from the negative shock in 2020 and
achieving high growth rates in 2021 and 2022.
Singapore’s GDP per capita is mainly driven by its
trade-oriented services sector, which accounts for
about 80% of its total output. Other important sectors
include manufacturing, construction, wholesale trade,
retail trade, transportation & storage, and accommodation.
B) Compare to VietNam’s GDP per capita: GDP per capita 90 30 26.82 82.808 80 77.71 25 70 66.837 66.07 20 61.274 60 15 50 9.27 10.84 D 10 US 40 6.85 9.2 4.74 6.56 5 2.73 30 -1.15 0 20 -7.26 10 -5 3.267 3.491 3.586 3.756 4.164 0 -10 2018 2019 2020 2021 2022 GDP per capita Singapore GDP per capita Vietnam Singapore Growth Rate Vietnam Growth Rate
Singapore has a much higher GDP per capita than
Vietnam, both in absolute terms and in relative terms.
According to the World Bank, Singapore’s GDP per
capita was $82,808 in 2022, while Vietnam’s GDP per
capita was $4,164 in 2022. This means that
Singapore’s GDP per capita was about 18.6 times
higher than Vietnam’s GDP per capita in 2022.
Singapore also has a higher and more stable GDP
growth rate than Vietnam, both in absolute terms and
in relative terms. According to the World Bank,
Singapore’s GDP growth rate was 6.56% in 2022,
while Vietnam’s GDP growth rate was 10.84% in
2022. This means that Singapore’s GDP growth rate
was about 1.3 times higher than Vietnam’s GDP growth rate in 2022.
However, both countries experienced significant
fluctuations in their GDP per capita and growth rates
over the years, due to various factors such as
economic shocks, policy changes, trade relations, etc. For example:
In 2019, Singapore had a negative growth rate: -1.15%
for Singapore. This is mainly due to the impact of the
COVID-19 pandemic on global trade and tourism. But
Vietnam still has a positive growth of 6.85% thanks to
the processing and manufacturing industries and
market service industries (transportation and
warehousing industries). In 2020, both countries had
positive but low growth rates: 7.26% for Singapore
and 4.74% for Vietnam. This was partly due to the
recovery of domestic demand and exports after easing of lockdown measures.
In 2021, both countries had positive but high growth
rates: 26.82% for Singapore and 4.74% for Vietnam.
This was largely due to the strong performance of
their economies as they reopened their borders and resumed their activities. 2.3: Unemployment rate:
- The unemployment rate in Singapore from 2018 to
2023 has fluctuated over the years. In 2018, the
unemployment rate was 2.1%, increasing to 2.3% in
2019. However, due to the impact of the COVID-19
pandemic, the unemployment rate rose to a 10-year
high of 3% in August 2020. After that, the
unemployment rate began to decline and reached 2.1% in December 2022.
- The main reason for the high unemployment rate in
2020 was the COVID-19 pandemic, which caused a
severe disruption to the Singapore economy.
Businesses were forced to lay off employees to save
costs, leading to thousands of people becoming unemployed.
- However, the unemployment rate began to decline in
the following years thanks to the recovery of the
Singapore economy. The government also
implemented a number of employment support
policies, helping to mitigate the impact of the pandemic on the labor market.
Unemployment rate Singapore 12 6.9 10 6.2 5.8 8 5.7 5.5 t en 6 erc P 4 3 2.7 2.1 2.3 2.1 2 0 2018 2019 2020 2021 2022 Singapore World 2.4: Inflation rate:
- The inflation rate in Singapore has risen sharply
since 2021, especially in 2022. The main cause of high
inflation is the rise in global commodity and service
prices, due to the impact of the COVID-19 pandemic and the Russia-Ukraine Inflation rate 6.00% 5.50% 5.00% 4.00% 3.00% 2.30% 2.00% 1.00% 0.60% 0.40% 0.00% 2018 2019 2020 -0.20% 2021 2022 -1.00% 2.5: Trade balance:
Singapore's trade balance 100% 90% 80% 70% 60% 50% 40% 30% 20% 29.50% 29.49% 31.20% 35.27% 36.24% 10% 0% 2018 2019 2020 2021 2022 Trade balance GDP Year Trade Balance (Billions % of GDP of US $) 2018 111.19 29.50 2019 111.11 29.49 2020 108.71 31.20 2021 149.45 35.27 2022 169.18 36.24
Singapore's trade balance in 2018 to 2022
- Singapore’s trade balance shows that Singapore is a
more exporter than importer, as it has a positive trade
balance, meaning that it exports more than it imports.
In 2022, Singapore’s trade balance was $169.18
billion, which was 36.24% of its GDP. This was an
increase from $149.45 billion in 2021, which was
35.27% of its GDP1 and $108.71 billion in 2020, which was 31.20% of its GDP.
Singapore’s trade balance has fluctuated over the
years, depending on various factors such as global
demand, exchange rates, trade policies, etc. For
example, in 2019, Singapore’s trade balance was
$111.11 billion, which was 29.49% of its GDP. This
was slightly lower than $111.19 billion in 20181. In
2020, Singapore’s trade balance declined to $108.71
billion, which was 31.20% of its GDP. This was
mainly due to the impact of the COVID-19 pandemic
on global trade and tourism. In 2021, Singapore’s
trade balance increased to $149.45 billion, which was
35.27% of its GDP. This was partly due to the
recovery of domestic demand and exports after easing
of lockdown measures. In 2022, Singapore’s trade
balance increased further to $169.18 billion, which
was 36.24% of its GDP. This was largely due to the
strong performance of its economy as it reopened its
borders and resumed its activities. Singapore trade
balance for 2020 was $108.71B, a 2.16% decline from 2019.
Singapore trade balance for 2019 was $111.11B, a 0.07% decline from 2018.
2.6: Major exporting goods and services:
Singapore’s top exports were: - Gold
- Electrical machinery and equipment - Refined petroleum - Packaged medicaments
Singapore’s main export services were: - Transportation travel - Business services - Financial services - Telecommunications - Computer
2.7: Major importing goods and services:
The main imported products into Singapore are:
- Machinery and electrical equipment
- Petroleum and mineral raw materials - Medical equipment - Gems, metals - Organic chemicals - Cosmetics - Medicine - Organic chemicals - Motor Vehicles & Parts
In 2021, Singapore was the world's biggest importer
of Bovine, Sheep, and Goat Fat and Pig and Poultry Fat
2.8: Provide summary and comments for each indicators: Provide summary:
-Singapore's GDP experienced fluctuations between
2018 and 2022. The GDP figures in current US dollars
were $376.87 billion in 2018, $376.84 billion in 2019,
$348.39 billion in 2020, $423.80 billion in 2021, and
$466.79 billion in 2022. This reflects a generally
steady growth trajectory, apart from a slight decline in
2020 primarily due to the impact of the COVID-19
pandemic. The country's economy rebounded in
subsequent years, showcasing a resurgence in economic activity.
-The GDP growth rate in Singapore varied notably
over this period, peaking at 8.88% in 2020 and hitting
a low of -3.90% in the same year due to the adverse
effects of the pandemic. This fluctuation demonstrates
the vulnerability of the economy to external shocks,
like global crises, and its ability to recover swiftly.
Singapore's Economy and Key Sectors:
Singapore's economy is predominantly driven by the
trade-oriented services sector, contributing to
approximately 80% of the total output. Besides
services, key sectors encompass manufacturing,
construction, wholesale trade, retail trade,
transportation, and storage. The country serves as a
global hub for various industries including finance,
logistics, tourism, and innovation. Comments:
-Resilience and Recovery: The ability of Singapore's
economy to bounce back from the pandemic-induced
dip in 2020 is notable. The quick recovery
demonstrates resilience and adaptability, factors
crucial for economic sustainability.
-Vulnerability to External Factors: The fluctuating
GDP growth rate underlines the susceptibility of
Singapore's economy to global economic conditions
and external shocks. This emphasizes the significance
of diversification and resilience-building measures.
-Global Hub Status: Singapore's status as a global hub
for finance, logistics, tourism, and innovation
underscores its importance in the global economy.
Continuous investment in innovation and
infrastructure is pivotal to maintaining this status.
2.9: Provide summary compared to Vietnam data: Provide summary:
- GDP Growth and Trends: Both Vietnam and
Singapore experienced consistent GDP growth over
the years, barring a slight decline in 2020 due to the
COVID-19 pandemic. Singapore consistently held a
higher GDP than Vietnam, but the gap between their GDPs has narrowed over time.
-GDP Growth Rates: Vietnam exhibited higher GDP
growth rates compared to Singapore in most years.
Notably, both countries showcased strong recoveries
post the 2020 downturn, achieving their highest
growth rates in the years 2021-2022.
-GDP Per Capita: Singapore maintains a significantly
higher GDP per capita compared to Vietnam. In 2022,
Singapore's GDP per capita was approximately 18.6
times higher than Vietnam's GDP per capita,
highlighting a substantial disparity between the two countries.
-GDP Growth Rate Comparisons: While Singapore
has a higher GDP growth rate in absolute terms,
Vietnam's growth rate has been higher in relative
terms. In 2022, Singapore's GDP growth rate was
6.56%, whereas Vietnam's was 10.84%, indicating
Vietnam's stronger relative growth momentum.
-Factors Affecting Fluctuations: Both countries
experienced fluctuations in GDP per capita and
growth rates due to various factors such as economic
shocks, policy changes, and trade relations. For
instance, Singapore faced a negative growth rate in
2019 due to the pandemic's global trade and tourism
impact, while Vietnam maintained positive growth
due to its resilient industries.
-2021 Rebound: Both Singapore and Vietnam saw
significant positive growth rates in 2021, attributed to
their robust economic performances upon reopening
borders and resuming activities.
- Economic Divergence: The substantial gap in GDP
per capita between Singapore and Vietnam
underscores the vast economic disparity and different
developmental stages of these nations. This gap
reflects diverse economic structures and levels of development. III. information:
Singapore Trade Balance 1960-2023 | MacroTrends
Vietnam GDP Per Capita 1985-2023 | MacroTrends
Singapore Balance of Trade (tradingeconomics.com)
GDP per capita growth (annual %) - Singapore | Data (worldbank.org)
Country comparison Viet Nam vs Singapore 2023 | countryeconomy.com
Constant GDP per capita for Viet Nam (NYGDPPCAPKDVNM) | FRED | St. Louis Fed (stlouisfed.org)
Singapore Real GDP per capita, 1960-2022 - knoema.com
GDP của Việt Nam năm 2021 | Ước tính 2022 - Solieukinhte.com
Member Team member name Student ID Roles and Responsibilitles 1 Trần Hồng Phúc
28214523704 Sections 1.1 to 1.3 2 Lê Ngọc Diễm
28204506234 Sections 1.4 to 2.1 Phương 3 Trương Đình
28214644197 Sections 2.2 to 2.4 Nguyên Bảo 4
Khuất Quang Cường 28214506865 Sections 2.5 to 2.6 5 Đỗ Đăng Tấn
28214554602 Sections 2.7 to 2.9 6 Nguyễn Thị Hoa
28204502212 Sections 2.10 to 3.2