Impact of current economic crisis on Singapore

Essay by nehasorathia May 2010

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Course Name EPP2

Assignment Title Impact of current economic crisis on Singapore

Submitted by: Neha Sorathia (GNOVGLM068)_______________

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Signature Neha Sorathia Date: 09/05/10

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Name: _Neha Sorathia_____________________ Roll No ___GNOV09GLM068__

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Singapore being a small and open economy a major part of its domestic consumption is produced abroad and majority of its final demand is driven by overseas market.

As these characteristics have an important implication on domestic price determination and inflation, impact of global economic crisis has led to sharpest recession and highest unemployment in Singapore among the Asia Pacific economies.

Being an export driven economy Singapore's economic well being is highly dependent on external environment. In 2007 with rising GDP growth rate of 7.8% and unemployment rate of 2.1% Singapore was on its way to glory.

In spite of government's monetary policy of "preservation of price stability over course of buisness cycle" inflation in Singapore was 2.1%, highest...