-Conclusion: Hence, improving global economic growth may not mean immediate economic growth for SG.

2. business-friendly environment in place with new jobs that will entice people to come here.

3.The Economic Development Board has been working hard on this front by attracting multinational firms to invest in Singapore, and Mr Lee cited a number of major investments in 2016.

4.Electronics giant Micron invested more than S$5 billion to expand its Woodlands facility, creating 500 jobs in the process, while Internet search engine Google hired a thousand people for its new campus in Mapletree Business City. Chemical firm Evonik, meanwhile, broke ground for a second plant in Jurong, investing S$800 million and creating 150 jobs.

5. the government is also busy helping small and medium enterprises to upgrade, venture abroad, expand and build new capabilities. These include both the high-tech companies and traditional ones that are able to re-invent themselves and do new things."

What more we can do to help out the nation's economy

1. need to help workers who lose jobs to find alternative work, especially the PMET (professionals, managers, executives and technicians) group.

2.The businesses have to restructure to survive.

3.workers in Singapore must do all they can to constantly upgrade their skills, or risk losing out to other countries like China.

4. He said: "If we strengthen the tripartite system, and remain united, if the labour movement remains strong, takes care of our workers and makes them co-owners of our system, and if all our segments of society - workers, employers, managers and professionals, as well as foremen and rank-and-file - sacrifice equally when sacrifice is called for, and share in the fruits of success when things go well, I am confident that we can overcome the challenges and emerge stronger."

 “Singapore's electricity tariff is affected by prevailing gas prices and global oil prices, which picked up in the second quarter of last year, and will likely average higher levels this year.” 

-We are facing a rise in oil and gas prices globally. The rise in gas and oil prices causes a cost-push inflation on Singapore. As Singapore do not have natural resources, Singapore has to buy natural resources like oil from other countries. Oil and gas is often used as a raw material to produce many other products. If the prices of oil and gas increases, the cost needed to produce items will increase. This will lead to an increase in the general price level in the economy due to the pressure on the cost of production. 

"In line with this, the electricity tariff… reversed its downward trend to post an increase in the third quarter of 2016 and is generally expected to be higher over the coming quarters," Dr Koh said.”

-The rise in gas and oil prices have lead to the price for electricity to increase and will be expected to continue increasing over the next few months.

”Along with upcoming increases in water prices - with the first phase to start in July - "the various administrative price adjustments will collectively contribute around 0.2 percentage point to inflation in 2017", Dr Koh said.” 

-The government expects that the inflation rate will increase in July due to the increase in water price. 

“But he told Mr Zaqy that the official inflation forecasts do not take into account the offsets provided by U-Save rebates, which are considered income transfer instead of item price adjustments.”

-The inflation rate may not be accurate as it does not take into consideration the household that receives help from the government on the “U-Save rebates”. 

“Utilities-Save, or U-Save, rebates are disbursed four times a year to help households offset some of their utility charges. The most recent instalment - last month - benefited some 880,000 Singaporean Housing Board households.”

-The government is trying to help households that are unable to keep up with the inflation rates. 

“The Government will continue to closely monitor the impact of policy-related price adjustments, which will be smoothed out as far as possible to minimise the impact on the cost of living, said Dr Koh.”

-Government will be monitoring the prices closely so that they can reduce the impacts on the rising cost of living that will affect the citizens. 

"The difficulty is that oil and gas prices are not within our control, and we have to adjust as and when these prices start to fluctuate globally," he said.”

-Since oil and gas prices are not within the control of the government, it is difficult to minimise the impact the rise in prices may have on Singapore’s inflation rate. The country may have a higher cost of living if gas and oil prices continues to rise. 

Conclusion: 

Singapore will be expecting increasing inflation rate as the oil prices starts to rise globally.