2. Overview of Inflation in Singapore: High economic growth and low inflation
Support from key sources:
-   CPI-All Items Inflation of 2.7% per annum between 1965-2016
-  MAS Core Inflation averaged 1.4% between 1984 and 2016.
-  While inflation  in emerging and developing countries is 22.6% per annum and 4.5% per annum in advanced economies since 1969
STAGFLATION- 1973-1974
- first oil crisis hit in late 1973 with a quadrupling of oil prices
- Singapore’s imported inflation surged and CPI-All Items Inflation rose to nearly 30% in the first half of 1974
- global economy was headed for a slowdown
-SG faced stagflation: high inflation but low growth
 Recession and Recovery: 1985–87
-1985: SG faced first post-independence economic recession
-Govt implemented  a package of cost and tax-cutting measures to help restore Singapore’s international competitiveness and boost exports. 

 Asian Financial Crisis: 1997–98
- precipitated by the sharp devaluation of the Thai baht in July 1997
- Singapore’s real GDP fell by 2.2% in 1998, from an average growth rate of 9.1% in the previous five years, the CPI contracted by 0.3%
 Global Electronics Downturn and SARS: 2001–03
- A sharp downturn in the global electronics cycle caused domestic real GDP to contract by 1.0% in 2001 and CPI-All Items Inflation to fall to −0.4% in 2002.
- Singapore economy was subsequently hit by the outbreak of SARS in Q2 2003,  CPI All Items Inflation falling to 0.1%
Demand-led Price Pressures and the Global Financial Crisis: 2007–09
- Singapore economy entered a phase of robust GDP growth of close to 9% per annum in 2006–2008, alongside a prospering global economy.
- , CPI-All Items inflation accelerated in the second half of 2007 to 6.6% in 2008, the highest since the oil price shock in the early 1980s.
-Collapse of Lehman Brothers in 2008 triggered global financial crisis, but inflation was eased in 2009.
Global Disinflation: 2015–16
-due to hesitant and uneven recovery in the global economy following the financial crisis
- significantly exacerbated by the sharp declines in global oil prices that took place in late 2014 and 2015 
- Singapore’s CPI All Items Inflation was negative for a total of seven consecutive quarters from Q1 2015 to Q3 2016, 
- MAS Core Inflation remained subdued at an average of 0.7% in 2015–2016. 

3. Increasing Unemployment Rates in 2020       
Support from key sources:
- As of October, the overall and citizen unemployment rates were 3.6% and 4.9% for respectively 

- Resident unemployment has also increased from 4.7% to 4.8%.
Cyclical Unemployment
- Construction and manufacturing sectors saw the largest contraction in employment in Q3 2020 at 16,700 and 15,000 respectively, caused by a decline in foreign employment
- Retrenchments have increased by 9,120 in Q3 2020, as compared to 8,130 in the Q2 2020, exceeding all past recessionary peaks other than that for the 2009 Global Financial Crisis
Increasing Labour Force 

- Resident unemployment rate grew as the resident employment increased
- This reflects retrenched workers actively looking for work
- As the economy is improving, the labour market is also improving, and more people would want to come back to the labour force to look for work 
Government Measures to Reduce Unemployment
- The Government has put in place measures over four Budgets to support workers and help businesses to retain their employees during the Covid-19 pandemic.
-  Under the SGUnited Jobs & Skills Package, the Government aims to create about 100,000 jobs, traineeships and skills training opportunities to help Singaporeans to gain access to more employment opportunities and also acquire job-related skills and capabilities.
(Other measures will be included in the report writing)

Support from key sources:
-GDP growth rate = -3.47% (Negative growth rates)

-Recession due to COVID-19

-V shape recovery

Support from key sources:
-Singapore's main price gauge slipped into deflation for the first time in more than a decade in February 2020
-Prices fell 0.1 per cent from a year earlier, according to a joint release by the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI)
-Singapore's headline consumer price index rose 0.3 per cent from a year earlier, slightly below poll expectations of 0.35 per cent. 
-Private transport inflation was lower in February at 2.4 per cent year-on-year from 4.6 per cent in the previous month. This was due to a smaller increase in car and petrol prices. 
-Food inflation edged down by 0.1 per cent from 1.7 per cent in January as the prices of prepared meals recorded smaller increased while non‐cooked food inflation was broadly unchanged.
-The cost of electricity and gas fell at a slower pace to -7.4 per cent year-on-year in February 
-The cost of retail and other goods fell at a more gradual pace to -1.0 per cent in February from the -1.4 per cent in January