Early this year, the Ministry Of Trade and Industry (MTI) of Singapore, announce that in 2016 the economy had grown by 2%. According to them, this was a significant indication that there is an aggregate increase in demand as well as supply. This means that there is a substantial increase in imports, exports, low interest rates. In addition, an increase in investments and many factors.
The ministry also note that for there to be a constant increase in economic growth there needs to be increase investments in both government and companies. For example, the government can invest more money to improve road networks. Afterward, all the inaccessible areas will be open up and businesses will flow towards those areas to construct industries. Thereby, growing the economy.
The ministry of labor (MOM) in a report found out that there were 3.67 million people who had been employed by the end of the year 2016.This is associated with the high rates of redundancy. Furthermore, also the restructuring of the economy as well as by companies. However, the ministry is quick to note that there is a sharp increase in jobs. But this keeps changing from time to time.
The Singapore Department of Statistics released a report showing that in 2016 there were 5.6 million people were living in Singapore at that particular time. This was a growth from the previous years, but it was a decline in the decade. The increase in population was as a result of marriage and also by birth. That means that Singapore nationals had intermarried with a foreigner and that therefore means that these people would come and inhabit one nation which is Singapore and that meant an increase in population. Another cause of an increase in population was due to a stable economy. Many investors do not like fluctuating economies because that means they are unsure of whether the company is going to yield profit and also when it will generate the profit which is the payback period of the project. Due to these uncertainties, many investors saw it wise and informed to go to a stable economy where they are guaranteed of high chances of success for their businesses.
The department concerned with international trade in Singapore in January 2017 stated that business had grown by 15.6% due to import and export growth which means that companies and individuals in Singapore were importing a lot of merchandise for their local use and they also shipped in the same measure.
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