Economics Essay Economic Growth and Living Standards of China and Singapore

ECONOMICS
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City and State
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Economics
GPD of both China and Singapore has shown a positive trend over the past decade. In 2002, China’s GDP reached $2000 billion, and an average increase in the GDP from 1960 to 2016 was $1790 billion. By mid-2013, its GPD jumped to more than $11,000 billion. For Singapore, the GDP was around $300 billion in 2013 and jumped to $308 in 2014. GDP per capita of China was almost $6000 but kept increasing in future years. By 2016, the number raised to almost $6900. In Singapore, the highest GDP per capita has been at $52600 in 2016 while the lowest number was $3389 in 1960 (Ansari & Chia, 2017, 5).
Unemployment rates in both countries have shown some ups and downs throughout history. From 2002-2017, average unemployment in China has been 4.11% while the lowest has been 3.90% in 2002. The number increased to 4.3 in 2014. Since 1986, average unemployment in Singapore has been 2.45 with 3.3 being the highest in early 2000’s CITATION Alm11 l 1033 (Almond, 2011). HDI is a good indicator of the overall growth of a country CITATION HDR18 l 1033 (HDRO Outreach, 2018). Singapore has the fifth place in the world regarding its HDI number at 0.925. China has 0.917 HDI which is closer to Singapore. There are some differences in the living standards of the two countries CITATION Haw18 l 1033 (Hawksford Group Services, 2018). For instance, a Chinese is expected to live up to 76 y…