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 years while this number for a Singaporean is 83.

2 years.
Regarding adult literacy rate, China stands at 96.4% while Singapore has 96.8% which shows that two countries are head to head in terms of their emphasis on education policies and its promotion (Huang & Bond, 2016, 12). In Singapore, 100% of the total population lives in the urban areas while this number for China is only 55.6% which shows a considerable difference of living standard between the two countries (Hock, 2012, 83). With many factors being similar and other being different, the two countries have dynamics economies setting the ground for diverse economic activities CITATION BT18 l 1033 (BT, 2018).

References
BIBLIOGRAPHY Almond, K., 2011. Who’s Got the Highest (and Lowest) Unemployment Rates?. [Online] Available at: http://edition.cnn.com/2011/WORLD/asiapcf/07/14/world.comparison.unemployment/index.html[Accessed May 2018].
Ansari, B. & Chia, E., 2017. Economics Essay -Economic Growth and Living Standards of China and Singapore. [Online] Available at: https://books.google.com.pk/books?id=WLtAEW4glIYC&pg=PA282&lpg=PA282&dq=Economics+Essay+-Economic+Growth+and+Living+Standards+of+China+and+Singapore&source=bl&ots=ad9JD2ZfPO&sig=Kt_j5CFeHgbJu951rNcsz1C7Dh4&hl=en&sa=X&ved=0ahUKEwimwZWbiPPaAhVCwxQKHdSGDooQ6[Accessed 2018].
BT, 2018. Singapore Can be Asia Hub for MNCs as HK Turns to China. [Online] Available at: http://www.businesstimes.com.sg/government-economy/singapore-can-be-asia-hub-for-mncs-as-hk-turns-to-china[Accessed 2018].
Hawksford Group Services, 2018. Doing Business – Singapore vs China. [Online] Available at: https://www.guidemesingapore.com/why-singapore/china/doing-business—singapore-vs-china[Accessed 2018].
HDRO Outreach, 2018. What is Human Development?. [Online] Available at: http://hdr.undp.org/en/content/what-human-development[Accessed 2018].
Hock, S., 2012. The Population of Singapore. 1 ed. Institute of Southeast Asian Studies: 255.
Huang, M. & Bond, F., 2016. Comparison and Contrast of Chinese Curricula between China and Singapore: Challenges and Prospects. Asian-Pacific Journal of Second Foreign Language Education, 1(17), pp. 1-20.