Singapore – 2Q 2019 GDP (Advance)
12/07/2019 10:38 am MYT
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Based on advanced estimates, the Singapore economy edged up by 0.1%, on a year-on-year basis in 2Q 2019, a slower pace compared with the previous quarter – see figure 1.

In 2Q 2019, the manufacturing sector contracted 3.8%, mainly due to output declines in the electronics and precision engineering clusters. Meanwhile, the construction sector expanded by 2.2% from a year ago, supported by the public sector construction activities.

The services-providing industries expanded by 1.2% (see table 1), supported by the finance & insurance, other services industries, and information & communications sectors.

On a quarter-on-quarter seasonally adjusted annualised basis, real GDP contracted by 3.4% in 2Q 2019, due to broad based slowdown in all major sectors– see table 2.

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After World War II, Western style democracy has been touted as the political system that every country should adopt. Countries that do not practice democracy are labelled as human rights abusers and dictatorial states. Their leaders are described as tyrants and corruptors. However, the success of China and the many problems that have emerged in the Western democracies have cast serious doubts on the supposed superiority of democracy. For democracy to work, it is assumed that citizens are able to make informed and rationale choices all the time. Not only is this assumption not realistic; also, the fact that more people support an idea does not make the idea the right one or the best.

In addition, human beings are easily influenced by emotional rhetoric and people tend to have herding behaviour. Politicians making remarks that promote hatred and exclusivity are dangerous because these remarks can turn into extreme actions that will totally destroy a country. For those who want to read more about the weakness of democracy, “Against Democracy” by professor Jason Brennan and “The China Model: Political Meritocracy and the Limits of Democracy” by professor Daniel Bell are strongly recommended.
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