Wednesday, July 14, 2010

Impressive, Most Impressive

Singapore's growth continues to be extraordinarily high, even by Asian standard, with GDP rising by nearly 6% (26% at an annualized rate) compared to the previous quarter and 19.3% compared to the previous year. Some countries don't even manage to grow 19.3% in a decade.

Much of this boom represents a rebound from the sharp but brief slump in 2008 and early 2009, but even seen over a longer period of time, Singapore's growth has been a lot higher than most other advanced economies, something which in turn is largely a result of Singapore's low tax rates, low level of government spending and high level of economic freedom in general.