Singapore

Singapore

1. Open

   • No/Low Barrier
     • a) G&S
     • b) K flows
     • c) Labour flows
   • Necessary
     • X- Competitiveness
       • e.g a) unit labour cost
       • b) inflation
       • c) productivity
       • d) price of raw materials
     • Resources
     • EG
     • Necessities

2. Small

   • Popln
   • Dom mkt
   • Lack natural resources

3. Stats

   • 1) X/GDP
     • E.g 172% in 2016
       • Used to calculate the % of international trade in the economy of a country
   • 2) X-M/GDP
     • E.g 339% in 2016

4. Implication

   • 1) Heavy dependence on Ext DD
   • 2) Heavy dependence on Imports
   • 3) Vulnerable to ext shocks
     • EG/Recession
       • Trading partners are in recessions -> fall in exports revenue
         • e.g 2008 global financial crisis
     • Changes in competitors' interest rates
       • Volatility of hot money
     • Inflation rates
       • Importing raw materials -> cost-push infln
         • e.g rise in oil prices due to political uprisings in the Middle East

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