Singapore and Indonesia Corey A Cru T. Quality of life metrics Singapore: - below Malaysia - Life expectancy in 1990 was 75.295 - Life expectancy in 2019 was 83.498 - This is an increase of 8.2 years - mortality rate of infants in Singapore in 1990 was 6.1 per 1000 births - Mortality rate of infants in Singapore in 2019 was 2.1 deaths per 1000 births - This was a decrease in four deaths per 1000 births Indonesia: - Life expectancy in Indonesia in 1990 was 62.32 - Life expectancy in Indonesia in 2019 was 71.716 - This is an increase of 9.396 years - Long term upward trend - Mortality rate of infants in Indonesia in 1990 was 61.8 deaths - Mortality rate of infants in Indonesia in 2019 was 20.2 deaths - This was a decrease in 41.6 deaths (29 years) - Dramatic downward trend - In 2004, Indonesia experienced an earthquake and a tsunami in the Indian ocean - It happened right off the coast of Sumatra, an Indonesian island - The earthquake was a 9.1 on the Richter scale - It was one of the most powerful earthquakes in recorded history - 230,000 people died as a result of the earthquake and tsunami in multiple countries - Indonesia was the most heavily affected GDP Singapore: - Real GDP: 68.78 billion 2010 USD in 1990 - Real GDP: 320.39 billion 2010 USD in 2020 - 465.8% growth in the last 30 years - GDP per capita: 22,571.895 2010 USD in 1990 - GDP per capita: 56,349.029 2010 USD in 2020 - 249.6% growth in GDP per capita since 1990 Indonesia: - Real GDP: 60.581 billion 2010 USD in 1990 - Real GDP: 1.18 trillion 2010 USD in 2020 - There was a recession in 1997 to 1998 from the Asian financial crisis of 1997 - This originated in Thailand but spilled over to much of Asia and internationally - It caused many currency exchange rates to plummet - Many financial assets and investments took a hit - International monetary fund steps in to save several Asian countries affected including Indonesia - GDP per capita: 36,059 2010 USD in 1990 - GDP per capita: 53,749 2010 USD in 2020 - 156.46% growth since 1990 Unemployment and LFPR Singapore: - Labor force participation rate 1990: 66.72% - Labor force participation rate 2019: 77.42% - Growth of 10.7% - Labor force participation rate MALE 1990: 82.56% - Labor force participation rate MALE 2019: 84.17% - Growth of 1.61% - Labor force participation rate FEMALE 1990: 50.69% - Labor force participation rate FEMALE 2019: 69.72% - Growth of 19.03% - Unemployment rate low: 1991 at 2.18% - Unemployment rate high: 2003 at 5.93% Indonesia: - Labor force participation rate 1990: 67.62% - Labor force participation rate 2019: 70.2% - Growth of - Labor force participation rate MALE 1990: 83.59% - Labor force participation rate MALE 2019: 84.14% - Growth of 0.55% - Labor force participation rate FEMALE 1990: 51.63% - Labor force participation rate FEMALE 2019: 55.99% - Growth of 4.36% - Unemployment rate low: 1991 at 2.62% - Unemployment rate high: 2007 at 8.06% - Indonesia’s export to GDP ratio is low Inflation and money Singapore: - Inflation in consumer price is measured by annual percentage HIGH: 2008 at 6.628% - Years in which inflation declined (deflation): 1998, 2002, 2015, 2016, 2020 - Central Bank: monetary authority of Singapore - Money name: Singapore dollar Indonesia: - Highest annual change in cost of living: 1998 at 58.451% - This was hyperinflation (above 50%) - From the 1997 Asian financial crisis which included plummeting exchange rates - Years in which inflation declined (deflation): none - Central Bank: Bank Indonesia - Money name: the Rupiah (Indonesian Rupiah) Exchange rate and trade Singapore: - Trade is very important to them because they are a very small country that is also an island, so they are very reliable on international trade because they don't have many resources - Singapore is very vulnerable to anything that would slow trade, such as tariffs, quotas, and political disputes because they rely so heavily on trade - Relatively open economy - Current account balance - Only have had a trade surplus since 1990, no trade deficits - Has more exports than imports - Exchange Rate - In 2012 the Singapore dollar was the strongest at 1.25 Singapore dollars for every one US dollar - A $100 pair of Nikes would have cost 125 Singapore dollars in 2012 - In 1990 the Singapore dollar was the weakest at 1.813 Singapore dollars for every one US dollar - The $100 pair of Nikes would've cost 181.30 Singapore dollars in 1990 - Singapore has not used a fixed exchange rate since 1990 - Exchange rate today: 1.34 Singapore dollars to one US dollar - The Singapore dollar has slightly strengthened from 2020 in which one US dollar was worth 1.38 Singapore dollars Indonesia: - International trade has been decreasing in Indonesia as a percentage of GDP - Indonesia would likely be more vulnerable than the United States to tariffs quotas and political disputes due to them relying on a higher amount of international trade as a percentage of their economy - Because of 2020, 33.1% of Indonesia GDP is represented total trade - Indonesia's economy is relatively more open - Current account balance - Trade deficit: 17 years - Trade surplus: 14 years - Exchange rate - In 1990 the Rupiah what is the strongest at 1842.81 IDR per 1 USD - A $100 pair of Nikes would have cost 14,582 IDR in 1990 - In 2020 the Rupiah was is the weakest at 14,582 IDR per 1 USD - A $100 pair of Nikes would have cost 1,458,200 IDR in 2020 - Before 1997, Indonesia had a fixed exchange rate - Exchange rate today: 14,187.739 IDR to one US dollar - Slightly strengthened from 2020 when 1 USD was equal to 14,582 IDR Student Choice Singapore: Population and aging populations - Chose this because this is a statistic that is usually associated with the development of a country - Singapore has shown growth in all other topics that we have covered so far, so I wanted to see if that growth was consistent with other known indicators of developing or developed countries - Population Growth - 1990: 3.889% - 2020: 0.312% - This is a downward trend - It could mean that they are still developing as a country - Growth rate high: 2008 at 5.332% - Growth rate low: 2003 at -1.475% - Indicator that the country is still developing - Aging populations (population age of 65 and above (percent of total population)) - An aging population is an indicator of a developing country - Population 65 and above 1990: 5.599% - Population 65 and above 2020: 13.352% Indonesia: Rural Population and access to electricity - Rural population - Rural Population 1990: 69.416 - Rural Population 2020: 43.359 - Change in rural population: 26.057 percentage point decrease - Indonesia is urbanizing fast - Indonesia's world population became a minority for the first time in 2011 - Access to electricity - Access to electricity 1990: 87.6 - Access to electricity 2020: 99.89 - Change: 12.29 percentage point increase - Indonesia has made progress in increasing access to electricity and it's urban areas - These improvements imply an increase in the quality of life for many Indonesians and improvements in its electrical production and distribution systems Overview and Analysis Singapore - Singapore is a small island city state that lies off the coast of the bottom of Malaysia - Singapore has a total population of just over 5.6 million people - Singapore is a small country that has built up an economy that has the same GDP per capita as United States - Singapore also consistently has lower unemployment rates and inflation rates in the United States - Singapore's economy is very reliant on trade, so it could face economic hardships if they faced issues with global trade (recession, depression, or other factors that can affect global trade) Indonesia - Indonesia has had a faster percentage rate of growth on its real GDP per capita than the United States - Indonesia from 1990 to 2020 has had no years of deflation - Despite the weaker Rupiah today, Indonesia's recent current account balance has shown a trade deficit
