Economic Forecast for Singapore
In day to day modern development of economic growth the technical members from Study Singapore professionally enumerate about the Economic Forecast for Singapore. It is believed that Singapore is the 40th largest economy in the world according to both GDP (current prices, US dollars) and GDP (PPP).
From a qualitative report which conveyed that during year of 2010, Singapore’s GDP (current prices, US dollars) was US$222.699 billion and its GDP (PPP) was almost US$291.937 billion.
It was also noted that Singapore’s GDP (PPP) steadily grew by 15.56 percent from years 2009 to 2010. This actually reflected the efficacious overall economic recovery from the 2008 global financial crisis where GDP (PPP) had just inclined by 3.70 percent in 2008 and 0.14 percent in 2009. On verge before the worst financial crisis, the average GDP (PPP) growth rate from 2003 to 2007 was 11.268 percent. While we observe from years of 2011 to 2016, the Singapore’s GDP (PPP) growth would fall between 5.75 to 6.42 percent.
The Study Singapore expediently forecasts that by the end of 2016, Singapore’s GDP (PPP) is hugely expected to reach US$413.46 billion. It is evident that Singapore has the third highest GDP (PPP) per capita in the world. During year of 2010, the Singapore’s GDP (PPP) per capita was US$56,521.73 where it was behind Qatar and Luxembourg. In a cautious management from the Singaporean government it wholly revalued their vital currency upwards by 1.3 percent in a way to contain imported inflation. Eventually Singaporeans are greatly expected to be wealthier with their potential GDP (PPP) per capita which was inclined by 4.60 percent in 2011. In a greater expectation from 2012 to 2016, Singapore’s GDP (PPP) per capita is massively expected to incline by 3.94 to 4.14 percent annually and possibly reach US$72,178.82 by the end of 2016.
More over the Singaporeans do naturally enjoy fairly low inflation rates, higher costs in transport, housing and food where it caused inflation rates to rise significantly between 2007 and 2010. From year of 2002 to 2006, Singapore’s average inflation rate with average consumer price change expected as 0.6428 percent. However during year from 2007 to 2010 experienced an average inflation rate with average consumer price change of 3.03 percent, qualitatively peaking at 6.612 percent during the year of 2008.
With another surveys during the year of 2011 enumerated that inflation average consumer price change in Singapore was duly expected to hit 3.3 percent. According to sincere evaluation from Study Singapore the next five years should experience inflation rates with gradual decrease and would reach 1.976