MAEC Padlet Wall TR22 by Denise Wan https://padlet.com/denisewan/gufj9bqpoes en-us 2017-11-13 15:00:43 UTC 2023-04-05 20:10:48 UTC hello@padlet.com Article 1 allya_deanna https://padlet.com/denisewan/gufj9bqpoes/wish/206740751 2017-11-14 14:49:17 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/206740751 Article 1: Unemployment/Business cycle allya_deanna https://padlet.com/denisewan/gufj9bqpoes/wish/206741576 The labour market in 2017 shows signs of recovery in the third quarter of this year, with a lower overall unemployment rate and slight decrease in retrenchments. 
 
The unemployment rate was 3.2% in September and it dropped by 0.1 % from June, with unemployment rate of 3.3 %. Unemployment rate also decreased by 0.2% from 3.5% in March to 3.3% in June.

The reason for the unemployment rate to go down from the quarters consecutively is mainly due to the creation of  better jobs and increase in demand of exports. Therefore, there will be an increase in the labour workforce, which drives the output of the nation. This improves the economy of the nation, leading to an increase in the wages/income of workers. Hence, real GDP increases.

As the unemployment rate is below 5%, it shows that Singapore's economy is operating at full employment, which is ideal. However,  it does not mean zero unemployment as the economy still has a small percentage of unemployed adults, which is part of the natural rate of unemployment.

When unemployment rate increases,  the government can step in to ameliorate the situation. From this article, we can see that the government has provided more job support, such as professional conversion programmes such as SkillsFuture to help mid-career workers gain skills for new jobs. The ministry said more than 1,500 people have used such programmes in all sectors in the first half of this year. 
 
]]> 2017-11-14 14:50:11 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/206741576 Article 3 wenyhan https://padlet.com/denisewan/gufj9bqpoes/wish/206780277 2017-11-14 15:41:46 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/206780277 Article 3: Inflation wenyhan https://padlet.com/denisewan/gufj9bqpoes/wish/206781106 Inflation refers to a sustained and continuous increase in the general (average) prices of goods and services in the economy.

In 2018, ECA International predicted an increase in real income of workers by 2.7%. There will be an inflation of 1.3% in the coming year and nominal salary of workers is expected to increase 4% by 2018.
Nominal Income= Real Income + Inflation Rate]]> 2017-11-14 15:42:57 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/206781106 Article 2 denisewan https://padlet.com/denisewan/gufj9bqpoes/wish/206793754 2017-11-14 15:59:59 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/206793754 Article 2: GDP denisewan https://padlet.com/denisewan/gufj9bqpoes/wish/207263656 The GDP (Gross Domestic Product) is defined as the market value of all final goods and services produced in an economy during a calendar year.

The full year growth forecast for the Singapore economy has been narrowed to 2 to 3 per cent, from the earlier range of 1 to 3 per cent
Compared with a year ago, Singapore's Gross Domestic Product (GDP) grew by 2.9 per cent in the three months to June, beating both the previously announced second-quarter advance estimates and first-quarter GDP numbers which showed year-on-year growth of 2.5 per cent.
The increase in Real GDP is due to the trade-related sectors such as manufacturing and
transportation and storage striving continuously, bringing the economy
closer to its peak.

Economic growth rate is measured by the percentage change in the monetary value of Real GDP of the current year over the previous year.

A higher real GDP means that more goods and services have been produced in the economy in 2017. This brings about a positive economic growth rate in year 2017.

Overall performance of the Singapore economy has "strengthened" and is showing "some signs of broadening" from the manufacturing sector to externally oriented sectors
The local labor market is mirroring this divergence in the economy, such as how the weak marine and offshore segment has been a toll on manufacturing employment. Since there is a decrease in work permit holders in marine and offshore segment, it has affected the whole manufacturing employment rate causing it to decrease.
The construction sector, for one, remained in contraction while growth in certain clusters within the manufacturing sector, such as the biomedical manufacturing and transport engineering clusters, continued to be weak. ]]> 2017-11-15 15:55:10 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/207263656 Reference to Article 3- a awchoonkiat https://padlet.com/denisewan/gufj9bqpoes/wish/211996235 Consumer prices in Singapore increased 0.4 percent from a year earlier in October of 2017, the inflation figure remained the lowest since April, as cost of food increased at a faster pace while transport inflation was similar from the preceding month.
The projected pickup in inflation could be due to the positive contribution in the exports of energy-related components produced in Singapore and the impact of administrative price increases, rather than generalized demand-induced price pressures.]]> 2017-11-30 18:15:36 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/211996235 Reference to Article 3- b awchoonkiat https://padlet.com/denisewan/gufj9bqpoes/wish/211996680 Companies are slowly eroding the idea of having rising pay for the workers.
Despite this, the increase in workers' salary for 2017 and 2018 is favorably compared with developed economies in the region and globally which reflects the fact that the Singapore economy continues to perform well on the back of global economic recovery.
This is due to a sustained increase in global electronics demand. Therefore, exports of Singapore increase, generating a higher revenue, contributing to the growth of GDP.]]> 2017-11-30 18:16:19 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/211996680 Reference to Article 3- c awchoonkiat https://padlet.com/denisewan/gufj9bqpoes/wish/211997083 As the real wages increases, workers would want to increase their aggregate expenses as there is an increase in disposable income and purchasing power. This leads to a movement along the consumption function according to Keynes. An increase in spending is the fundamental psychological law that when income increases, spending increases.
This leads to an increase in aggregate demand for better goods, which contributes to Singapore's economy. ]]> 2017-11-30 18:16:56 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/211997083 Reference to Article 1- a powjiarong https://padlet.com/denisewan/gufj9bqpoes/wish/212122342 More importantly, the earlier drag came from business loans. Lending to the corporate sector eased to 7.4% in July, from 10.5% previously. This could be an initial sign that the business cycle is reaching its peak

This shows that the amount of loans the bank is lending to the corporate companies are getting lesser as they have earned higher interests payments from their business loans and savings. Therefore causing net interests to increase, leading to the increase in real GDP where business cycle will eventually reach the peak.]]> 2017-12-01 01:08:51 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/212122342 awchoonkiat https://padlet.com/denisewan/gufj9bqpoes/wish/212171785 2017-12-01 08:33:37 UTC https://padlet.com/denisewan/gufj9bqpoes/wish/212171785