What is the standard of living like in Singapore?

Economics Tuition – What is the standard of living like in Singapore?

Standard of living refers to the average quality of life a citizen can enjoy in his country with the given purchasing income determined by the real per capita income. Singapore is widely to be considered a developed city with a high standard of living, especially when compared to its neighbors in the SE Asia region. It is our home and it is natural for us to want to find out how good our lives are actually and this can be done by measuring our standard of living.

We will use both the quantitative and qualitative aspects of SOL to evaluate how Singapore fare when it comes to the quality of life led by her people.

On the quantitative side, as mentioned in the previous article, the Real Income per Capita is the most relevant and widely considered the ‘only’ economic indicator of a country’s SOL. It is where we shall start. Singapore have a Real Income per Capita of 52,960.71 USD (2016). This means that each head in every household receives about 50, 000 a year. This is one of the highest Real Income per Capita in the whole world and suggests that we have made extensive improvement for a country, given the economic progress that we have made from a trading port to current modern city status in 52 years.

On the qualitative side, Singaporeans have a very high literacy rate and most Singaporeans have attained a minimum of secondary school education. Furthermore, Singapore also boast one of the best health care systems in the region and has a very low crime rate. All these suggests that Singapore has a very high SOL defined from the qualitative aspect.

Is this really true though, Singaporeans lead a very fast pace of life and they are under immense pressure to succeed and do well in life. We have long working hours and our citizens’ stress levels are also amongst the highest in the region. These are all the qualitative indicators we have to take into consideration when we want to define the standard of living of a country based on time comparison.

What do you think of this? Let us know.

Other Related Economics Articles on NIA and Economic Indicators

Are you interested to find out more about this topic of National Income Accounting and Economic Indicators at our economics tuition? We feature a series of articles that will pique your interest further by discussing the key aspects. Get started on this amazing and enriching learning journey by reading these articles.

Article 1
What is standard of living?

Article 2
Is real income per capita a good indicator for standard of living? 

Article 3
Why must we use qualitative economic indicators to measure standard of living? 

Article 4
What are the non-material aspects of standard of living? 

Article 5
Are qualitative aspects of standard of living accurate in measuring standard of living?

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By enrolling as as a student of Economics Focus, you will receive close guidance from JC Economics Tutor Simon Ng, who will aid you to attain a strong and firm grasp of A Level Economics. In the context of this Macroeconomics chapter of National Income Accounting and Economic Indicators, you will explore various facets of the topic by examining the notion of ‘standard of living’ and the list of economic indicators that can assess the quality of life for various countries. In addition, the economics tuition classes will feature practice questions, seen in terms of CSQs and essays, that can illustrate how your economics knowledge can be applied to exam situations. Hence, our comprehensive economics tuition programme will poise you to excel at the examinations.

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