Analyze the impacts of austerity measures on other economies

Discuss the extent to which the Austerity Measures in the EU will have an Adverse Impact on the Singapore Economy. [15]

Question Requirements

What you need to know to attempt this essay question?

Singapore is a small and open economy, which its economy depends heavily on trade for growth. As such, the external developments can have huge impact on Singapore’s economy. The EU has 27 member states, hence it is a big market for Singapore to conduct trading activities.

First, explain the nature of Singapore’s economy, and the relationship of the economy to the EU. Second, explain how the reduce in income and inflation can have an adverse impact on Singapore’s economy. Lastly, explain other reasons where the austerity measures in the EU may not have an adverse impact on Singapore.

Chapters

• Aims of Government
• Macroeconomic Policies

Knowledge Application

How to apply the knowledge to your exam preparation?

After watching the video, prepare an essay outline based on the given structure as stated in the video content. Once done, you can start writing a full economics essay. Please ensure that you complete your essay in 45 minutes, so as to improve your time management and writing skills.