MACROECONOMICS

A comparison between Economic and

Social Development Indicators of
Singapore from 2010 to 2023
2201MM33 TANVI MISRA
2201AI15 HARSHIT TOMAR
2201CS70 SUPREET MAURYA
2201EE63 SHANI KASAUDHAN
2201AI38 SWATHI
 OVERVIEW

INTRODUCTION
MACROECONOMIC INDICATORS
GDP
01 GNP
CPI
Net Exports
Foreign
Exchange
GNI
Rate of Inflation Reserve

HUMAN DEVELOPMENT INDEX

02 HDI
Life Expectancy
Human Capital
Index
Literacy Rate

WORLD VS SINGAPORE
03 CONCLUSION
 INTRODUCTION
Singapore's economy underwent a remarkable transformation from a developing to a
high-income economy in the 20th century.
Its strategic location facilitated international trade, while exports in electronics, chemicals,
and services, alongside its role as a regional wealth management hub, fueled its growth.
Water is scarce in Singapore and a sizeable percentage of water is imported from Malaysia
MACROECONOMIC
INDICATORS
 GDP (Gross domestic Product)
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and
services produced in a specific time period by a country.

GDP at constant price in Singapore

increased to 101,286 $Million USD in the
fourth quarter of 2023 from 100,109
$Million USD in the third quarter of 2023.
GDP at Constant Prices in Singapore
averaged 41,300 $Million USD from 1975
until 2023, reaching an all-time high of
101,286 $Million USD in the fourth
quarter of 2023 and a record low of 5,508
$Million USD in the first quarter of 1975.
Singapore is the 14th largest exporter
and 15th largest importer in the world.
 GNI (Gross National Income)
It is an economic indicator that measures the total value of all goods and services
produced by a country's residents, both domestically and abroad, within a specific time
period.

The latest value for GNI, PPP (current

international $) in Singapore was 491
$Billion as of 2020. Over the past 30
years, the value for this indicator has
fluctuated between 515 $Billion in 2019
and 718 $Billion in 1990.
Singapore GNI per capita for 2022 was
$67,200, with 6.67% increase from 2021.
Singapore GNI per capita for 2021 was
$63,000, with 14.01% increase from 2020..
 GNP (Gross National Product)
Gross national product (GNP) refers to the total value of all the goods and services
produced by the residents and businesses of a country, irrespective of the location of
production.

In the recent last two years,

Singapore GNP for 2022 was
$378B, with a 10.26% increase
from 2021 and for 2021 it was
$343B, with a 9.34% increase from
2020.

Singapore’s GNP has experienced

fluctuations over the years, but its
overall trajectory remains positive.
The country’s economic resilience
and strategic positioning
contribute to its continued
growth.
.
 CONSUMER
PRICE
INDEX
The Consumer Price Index (CPI) tracks price
changes for urban consumers by measuring
the average change in prices over time for a
selection of goods and services in a market
The Consumer Price Index (CPI) is presented as a
basket, that includes everything ranging from number relative to a base year, usually set at
food items to automobiles to rent. 100. This base year acts as a reference point. A
CPI of 100 means prices are the same as in the
base year. Above 100 suggests inflation, below
100 suggests deflation.

The Consumer Price Index (CPI) for all

items rose by 4.8 per cent in 2023
 NET EXPORTS
Net Exports = Total Exports - Total Imports

All the goods and services a country supplies or deliver to the rest of the world. It
EXPORTS includes merchandise, transportation, tourism, financial services, and communication.

The major exports in Singapore are:

machinery
refined petroleum

In 2022, Singapore exported a total of

$379B, making it the number 21 exporter
in the world. During the last five reported
years the exports of Singapore have
changed by $33B from $346B in 2017 to
$379B in 2022.
 All the goods and services a country supplies or deliver to the rest of the world. It
IMPORTS includes merchandise, transportation, freight, tourism, financial services, and
communication.
The major imports in Singapore are :
machinery and transport equipment crude petroleum

Imports graph Net Exports graph

 INFLATION
Inflation as measured by the consumer price index reflects the annual percentage change in
the cost to the average consumer of acquiring a basket of goods and services that may be fixed
or changed at specified intervals, such as yearly.

One-year-Ahead headline inflation

expectations dipped to 4.2% in
December 2023, from 4.5% in
September 2023.

Singapore's core inflation in

October rose to its highest in
nearly three years on the back of
rising food and services prices.

In February 2024, it increased to

3.4% from an over two-year low of
2.9% in the previous month. This
change was primarily due to a
faster rise in housing and food
prices.
 FOREIGN EXCHANGE RESERVE
Forex reserves or foreign exchange reserves (FX reserves) are assets that are held by a
nation’s central bank or monetary authority

As of March 2024, Singapore’s

foreign exchange reserves have
reached SGD 497.3 billion. This is
the highest amount since April
2022.
Factors Singapore’s foreign
exchange reserves are trade
balance, monetary policy, capital
flows, currency interventions, global
economic conditions, interest rates,
commodity prices, external debt,
foreign exchange market
operations, and government
policies.
 HUMAN
DEVELOPMENT
INDICATORS
HUMAN
DEVELOPMENT
INDEX
WHAT DOES LONG AND KNOWLEDGE
HDI MEASURE? HEALTHY LIFE
EXPECTED YEARS OF
LIFE EXPECTANCY AT SCHOOLING
BIRTH MEAN YEARS OF
SCHOOLING
LIFE EXPECTANCY
The HDI was created to emphasize that people EDUCATION INDEX
INDEX
and their capabilities should be the ultimate
criteria for assessing the development of a
country, not economic growth alone.

HDI is a simple composite measure of a A DECENT

nations’s longevity, education and income.
STANDARD OF
LIVING

GNI PER CAPITA

GNI INDEX
 LIFE EXPECTANCY
Life expectancy at birth is defined as how long, on average, a newborn can expect to live,
if current death rates do not change.

Life expectancy at birth of

Singapore residents was 83.0
years in 2022, a decline of 0.2
years from 2021.
Compared with the pre-COVID
life expectancy of 83.7 years
in 2019, life expectancy at
birth decreased by 0.7 years
over two consecutive declines
in 2021 and 2022.
 HUMAN CAPITAL INDEX
Human Capital Index measures the amount of human capital that a child born today can
expect to attain by age 18, given the risks to poor health and poor education that prevail
in the country where the child lives

Singapore's HCI stands at 0.9

(increase by 0.12 in last ten
years), which is remarkably
high compared to other
countries and economies.
This means that a child born
in Singapore today is
expected to be 88% as
productive when they grow
up, assuming complete
education and full health.
LITERACY RATE FOR PEOPLE 15 YEARS
AND OLDER IN SINGAPORE FROM 2010
TO 2020
Singapore allocates approximately
13.38% of its total GDP towards
education.

Singapore has a literacy rate of 97.13%.

While the male literacy rate is 98.54%,
for females is 95.83%.

The literacy rate ,has dropped in year

2020, due to COIVID-19.
WORLD VS SINGAPORE

Singapore is a high-income
economy with a gross national
income of US$82,807 per capita, as
of 2022.

The country provides one of the

world’s most business-friendly
regulatory environments for local
entrepreneurs and is ranked among
the world’s most competitive
economies.

Singapore ranks highest in the 2020 World Bank Human Capital Index and is
ranked amongst the world most competitive economies.
CONCLUSION
In the decades after independence, Singapore rapidly developed from a low-
income country to a high-income country.

GDP growth in the city-state has been amongst the world’s highest, at an average
of 7.7% since independence and topping 9.2% in the first 25 years.

Today Singapore is a member of all five World Bank Group institutions, and an
important contributor of global initiatives such as the Global Infrastructure Facility,
to which it contributed US $10 million, and the Global Platform for Sustainable
Cities.

It inspires many cities and countries striving to reach a similar level of

development within one generation.
THANK YOU