GDP Growth vs GDP per capita growth
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Hi,
I am not a economist. Just a plain old guy.... I want to ask some questions and trigger some discussion...
Singapore had been reporting GDP growth. But did we actually look at our GDP per capita growth... remember in the past when Goh Chok Tong was PM... he said that we are suppose to achieve Swiss standard of living.... i think the definition of standard of living then was GDP per capita.
I remembered the GDP per capita then was like 20-26k. At that point in time, I think the Swiss' GDP per capita was like 30-35. Right now the Swiss GDP per capita is like > 45k... whereas singapore still around 26k...
So our GDP per capita didn't grow as much.... does that mean that our 'growth' actually come from population growth. Well Singaporean is not really 'producing' enough little Singaporeans. So does that mean that the GDP growth actually come from FTs?
If that is so, maybe that is the political reason why the govt keep encouraging FTs... as they seem to take GDP growth as success....
As Singapore is land and resource scarce, having incremental population growth will only add to more competition of resources and henceforth prices and result in hardship in the incumbet population....
Why do you guys think? Objective answers only.... . no flaming... -
in terms of technical definitions of the growth model, then yes, it can be interpreted that way.
that the GDP growth is achieved from population influx.
this would mean that overall productivity has fallen.
this would mean that we have been nett importing workers with poorer productivity as compared to previously.
but i bet our ministers sure have a quick answer that the average singaporean is better compared to years ago, and cannot be measured via gdp per capita. -
The minister might say it is because of the high foreign import of construction workers and cleaners.
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Joseph Stiglitz says GDP may be poor indicator of economy
http://www.singaporedemocrat.org/articleGDP3.html
http://www2.gsb.columbia.edu/faculty/jstiglitz/ -
I have not looked up the figures, so I'll use yours.Originally posted by spencer99:Hi,
I am not a economist. Just a plain old guy.... I want to ask some questions and trigger some discussion...
Singapore had been reporting GDP growth. But did we actually look at our GDP per capita growth... remember in the past when Goh Chok Tong was PM... he said that we are suppose to achieve Swiss standard of living.... i think the definition of standard of living then was GDP per capita.
I remembered the GDP per capita then was like 20-26k. At that point in time, I think the Swiss' GDP per capita was like 30-35. Right now the Swiss GDP per capita is like > 45k... whereas singapore still around 26k...
So our GDP per capita didn't grow as much.... does that mean that our 'growth' actually come from population growth. Well Singaporean is not really 'producing' enough little Singaporeans. So does that mean that the GDP growth actually come from FTs?
If that is so, maybe that is the political reason why the govt keep encouraging FTs... as they seem to take GDP growth as success....
As Singapore is land and resource scarce, having incremental population growth will only add to more competition of resources and henceforth prices and result in hardship in the incumbet population....
Why do you guys think? Objective answers only.... . no flaming...
It appears that our GDP/capita has remained stagnant through the years. Taking into account that the population has almost doubled in recent years, I think this is significant in the sense that we're not lagging behind in the red queen paradox. Basically, I'm saying we're improving by staying still.
Still, without accurate figures on the swiss side, it's hard to tell if the swiss actually outpaced us.
Bear in mind of course, that majority of the foreign workers taken in may actually contribute less than the average citizen to the GDP.
Quite a jumbled stream of thought, I admit. -
Here's a table. We used to be ranked 8 in 1997. After that, we keep falling every year, and now only ranked 28.
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Originally posted by Panache1976:
Here's a table. We used to be ranked 8 in 1997. After that, we keep falling every year, and now only ranked 28.
Here's the picture
Singapore's GDP per capita is 31k leh, not 26k
I think you want to mean the ranking has been steadily dropping, not the GDP per capita.
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errr eagle, you sure the rise is not due to falling USD? Ranking would have been a better guage.
http://finance.yahoo.com/q/bc?s=USDSGD=X&t=5y
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Originally posted by kilua:
errr eagle, you sure the rise is not due to falling USD? Ranking would have been a better guage.
http://finance.yahoo.com/q/bc?s=USDSGD=X&t=5y
Aiyah don't know how they count also lah... Since GDP per capita is about averaging anyway, the average wage did rise in Singapore, and so did the average household income. So think got rise lor.
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Unfortunately, i think most of the rise is negated by inflation :(