https://padlet.com/s10194976/969r98cxn9ut Singapore en-us 2019-05-13 06:49:36 UTC 2025-12-02 18:10:36 UTC hello@padlet.com s10194976 https://padlet.com/s10194976/969r98cxn9ut/wish/359356663 2019-05-13 07:39:20 UTC https://padlet.com/s10194976/969r98cxn9ut/wish/359356663 s10194976 https://padlet.com/s10194976/969r98cxn9ut/wish/359356665 There will be an estimated drop of 2.4% in the GDP in 2019. Due to the fall in exports from 5.1% in 2018 to 4.8% in 2019. As China as increased its trade protection there will be lesser demand for people to ship their goods into China due to the higher prices cause export to fall and AD to fall. Due to these trade tensions there will be lesser investments into firms and will cause the corporate profits to fall. There will be higher interest rate rates will which reduce consumers spending power causing the consumer expenditure to decrease.

C+I+G+(X-M)=AD
As there is a fall in consumer expenditure , investment expenditure and a decrease of exports causing net imports to be higher. This will cause AD to fall causing a slow down in economic growth. Thus, having the GDP to fall]]> 2019-05-13 07:39:21 UTC https://padlet.com/s10194976/969r98cxn9ut/wish/359356665 s10193376 https://padlet.com/s10194976/969r98cxn9ut/wish/359357234 The inflation rate in Singapore has been modestly rising - the rise in costs of goods and services in Singapore which has caused increasing concerns for the people living in Singapore. The three main areas which have had a price hike over the past few years would be education, healthcare and food. These three areas are all essential services and items that we need for our daily lives. According to the article, the consumer price index (CPI), which measures the cost increase of all items, at 0.4 per cent in 2018, has lowered from 0.6 per cent the year before. This information analyses over a five-year period, which included two consecutive years of negative inflation readings which were in 2015 and 2016, the CPI averaged at about 2.2 per cent a year. However, according to core inflation which the economist suggested using as they claim that it is a better gauge of underlying living cost. This is because core inflation excludes accommodation and private road transport costs – the two components that are influenced by government policies. Core inflation averaged at about 1.3 per cent a year since 2013.
For 2018, core inflation rose to 1.7 per cent, from 1.5 per cent in 2017.
For the main hikes :
Firstly, education – fees of tertiary institution and private tuition fees as well as the cost of textbooks has seen the most significant increase over the past five years. Based on official data showed, education inflation increased by 16.9 per cent since 2013, outpacing both headline and core inflation. Strong demand and the willingness among parents to spend on private education, such as pre-schools, tuition and enrichment classes, have partly fueled the increase of Singapore citizen's pursuing general degree courses at the Singapore Institute of Technology, causing tuition fees to go up by S$210 to S$8,130 over the same period. For most of its degree programmes, annual increases ranged from S$60 to S$90 per annum in the last three academic years, the university said.
Another critical factor would be food, as food prices were increased by about 10 per cent since 2013. The reasons are two-fold. For one, Singapore imports more than 90 per cent of the food consumed by its population, hence prices are easily swayed by adverse weather conditions and geopolitical tensions elsewhere that affect supply chains, explained Dr Tan.
Third would be healthcare. Healthcare inflation has gone up by about 8.5 per cent since 2013, and as Singapore's population ages, demand will only get stronger yet it is not easy to increase supply given the long training periods required for quality medical workers. 
However even with all these inflation occurring, as long as inflation stays tame and in line with income growth, cost of living concerns can be mitigated. Household income statistics issued on 2019 February showed the median monthly income among households here rose to S$9,023 in 2017, a 1.5 per cent increase from 2016's S$8,846 after factoring in inflation. According to the same set of household income statistics, average work earnings per household member for the bottom 50 per cent of households grew by 1.5 per cent in 2017. This was slower than those in the 51st to 90th percentile which had income growth of  0.8 per cent, while the top 10 per cent saw a real increase of 2.6 per cent.
In conclusion, inflation is bound to happen and is happening however as long as a person has a job and an income, things can be resolved as although the cost of living will increase, the government will continue investing in our social safety net and the best solution for the cost of living for them would be to keep creating jobs and invest in the training of their workers so that everyone can remain employable and have a job.


]]> 2019-05-13 07:41:59 UTC https://padlet.com/s10194976/969r98cxn9ut/wish/359357234 s10195411 https://padlet.com/s10194976/969r98cxn9ut/wish/359415237 The unemployment rate was stable in the first quarter of 2019. In March 2019, the overall unemployment rate is 2.2% - the unemployment rate of Singaporeans in March 2019 is 3.2% which is higher than the unemployment rate of 3.1% in December 2018 and the unemployment rate of residents (Singaporeans and permanent residents) remains unchanged at 3%. 

One of the main reasons why there is a growth in the unemployment rate is because of seasonal unemployment as more short-term workers are being hired for year-end festivities. For example, year-end festivities such as Christmas will requires more short term staff as  there are many events held in conjunction to Christmas such as Christmas Wonderland at Gardens by the Bay. 

The data from Ministry Of Manpower (MOM) also states that there were 2500 retrenchment in the first quarter of 2019 which was higher than the retrenchment of 2320 workers in the first quarter of 2018. However,  it was also noted that even though the retrenchment rate has eased, there will be quarterly fluctuations especially with United States-China trade tensions and several key political elections across the globe. With key political elections coming up, after the elections, some policies might have been altered, causing some people to lose their jobs. 

The article also stated that the unemployment rate is not significant to be alarming yet and that due to the gradual growth in the unemployment rate, it is hard to pinpoint the exact 
reason why a rise in the unemployment rate had occurred. 

As economic restructuring continues in the later quarters of 2019, MOM and Workforce Singapore are planning to work together with the tripartite partners to ensure that Singaporeans will secure good jobs through the Adapt and Grow initiative. With the Adapt and Grow initiative, Singaporeans are better able to adapt to the changing job demand and also grow their skills so that they can remain employable.

 In addition, there will also be platform like Skillsfuture to help workers to improve their skills. Skillsfuture is a national movement that provides Singaporeans with the opportunity to develop to their fullest potential in different stages in their lives through various training schemes. As a result, workers will be able to hone their skills, allowing them to remain in the workforce for a longer period of time.

]]> 2019-05-13 11:40:37 UTC https://padlet.com/s10194976/969r98cxn9ut/wish/359415237 s10193483 https://padlet.com/s10194976/969r98cxn9ut/wish/362747059 2019-05-23 00:17:38 UTC https://padlet.com/s10194976/969r98cxn9ut/wish/362747059 s10193483 https://padlet.com/s10194976/969r98cxn9ut/wish/364283519 The government has implemented schemes to mitigate inflation in Singapore. Such schemes are implemented in the property sectors. Additional Buyer's Stamp Duty (ABSD) and the tightening of the limit of loan-to-value limits on residential property purchases has been put to place. These actions are applied so as to cool the property market and keep price increases in line with economic fundamentals.  Total Debt Servicing Ratio (TDSR) is another way the government has put in place to ensure that people borrow and banks can lend, responsibly. TDSR limits the amount borrowers can spend on debt repayments to 60 per cent of their gross monthly income. The TDSR standardises the framework banks use when assessing a potential borrower’s capacity to make loan repayments and helps prevent high-risk loans being issued.

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