Global Economic Crisis In Singapore Essay
Introduction
Economic growth is defined as the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. We can therefore directly relate economic growth to real GDP growth.
Because we are dealing with the amount of goods and services produced by an economy, we will therefore by focussing on the real economy of Singapore. Real economy is defined as the part of the economy that is concerned with actually producing goods and services, as opposed to the part of the economy that is concerned with buying and selling on the financial markets.
We will look at Singapore and the Global Financial Crisis of 2008, focusing more on the impact the Global Financial Crisis had on Singapore’s real economy and how Singapore’s government implemented policies to counter the crisis and eventually achieve
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Singapore’s exchange rate-based monetary policy continually seeks to maintain a balance between inflation, on one hand, and export competitiveness and growth, on the other hand.
With reference to the economic data presented earlier on, we have seen that the full impact of the financial crisis was not felt until mid-2008. In April 2008, the Monetary Authority of Singapore (MAS) made the decision to re-centre the S$ exchange rate band and advance with its four-year policy of gradual appreciation of the S$. MAS had shifted its policy stance to a zero percent appreciation of the policy band in October 2008. In April 2009, MAS re-centred the exchange rate policy band to the domineering level of the S$ exchange rate, causing the S$ to depreciate slightly against the Euro, USD and Yen. However, it appreciated against regional currencies, clearly reflecting strong fundamentals of the Singapore economy.
Fiscal Policy
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