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04 Nov

Posted at 10:41h in Uncategorized by

Economics News by JC Economics Tutor Anthony Fok
Topic: Recession in Singapore

The Covid-19 shock has affected Singapore’s domestic-oriented industries more severely than in past recessions, so economic recovery will likely take longer, the Monetary Authority of Singapore (MAS) said on Wednesday (Oct 28).

MAS said the pace of recovery is expected to moderate in the quarters ahead, as firms and households continue to be restrained by income loss and increased uncertainty, in turn holding back on investment and discretionary spending.

Downside risks to the growth outlook could also materialise if a resurgence in worldwide Covid-19 infections prompts more shutdowns and results in weaker-than-expected external demand, or if domestic labour market conditions deteriorate further and hamper a decisive pickup in consumer demand.

MAS reiterated the Government’s forecast for the economy to shrink by a record 5 per cent to 7 per cent this year because of the coronavirus pandemic. It said the economy will post above-trend growth for 2021 due to the effects of the low base in 2020.

“The path ahead remains clouded with uncertainty,” MAS warned in its twice-yearly macroeconomic review released on Wednesday.

“Some pockets of the economy, particularly the travel-related and some contact-intensive domestic services, are not expected to recover to pre-pandemic levels even by the end of next year.”

The Singapore economy registered its worst performance ever in the second quarter because of the circuit breaker measures, before experiencing a growth rebound in the July to September period when most of the movement curbs were relaxed.

The nation’s gross domestic product (GDP) contracted in the second quarter by 13.2 per cent on a quarter-on-quarter seasonally adjusted basis. The rebound in the third quarter saw the economy expanding by 7.9 per cent on the same measure.

While some of the sectors, mainly export-driven manufacturing, have since seen a pickup as the economy reopened, overall output is still some 7 per cent below pre-Covid-19 levels, MAS noted.

The rebound in the third quarter was also aided by the Government’s budgetary support measures. The impetus from fiscal support is likely to abate in the fourth quarter even as some measures such as the Jobs Support Scheme may persist.

MAS said that unlike the global financial crisis of 2008 when the resident unemployment rate returned to pre-crisis levels after six quarters, the recovery in employment is likely to be uneven and slow.

The central bank also said that the Covid-19 recession has been unprecedented in its intensity, having resulted in a cumulative 14 per cent decline in GDP from pre-crisis levels in the fourth quarter of 2019 to the trough in the second quarter of 2020. This compares with an average contraction of 6.1 per cent across the previous recessions.

Explaining why the recovery would take longer, MAS said the Covid-19 shock has disproportionately affected domestic-oriented and travel-related services in Singapore – such as food and beverage, retail, construction and aviation and hospitality – unlike previous recessions that were typically driven by the external-oriented manufacturing sector. These sectors have stronger interlinkages with firms and households within the domestic economy, thus amplifying the negative shock.

“Although the domestic-oriented sectors account for a smaller share of GDP compared to the external-oriented sectors, they generate significant indirect effects or negative spillovers on the economy through the production and consumption channels,” MAS said.

The loss in final demand in the worst-hit sectors generates ripple effects through supply chains, affecting other firms in the same or different industries. The drop in final demand also prompts companies in the worst-hit sectors to make a proportional cut in wages for their employees, thus weakening household consumption.

Thus, MAS said: “In all likelihood, the recovery will be more protracted than those in the past.”

For the global economy, the central bank expects the near-term rebound – supported by unprecedented fiscal and monetary policies – to fade into an incomplete recovery.

Questions for discussion during economics tuition classes:

  1. Explain the causes of recession in Singapore.
  2. Discuss the policies available to solve the recession problem in Singapore.

 

04 Nov

Posted at 10:37h in Uncategorized by

Economics News by Econs Tutor Anthony Fok
Topic: Investments

Singapore firms expect business conditions to worsen from October till next March, though the gap between pessimists and optimists has been closing, according to official quarterly surveys on Friday. The difference was clearest in the services sector, where a net-weighted balance of 5 per cent of firms expect worse conditions – an improvement from 31 per cent in the previous quarterly survey, which covered expectations for July till December 2020. In manufacturing, a net-weighted balance of 3 per cent expect the operating environment to worsen in the next six months compared to the third quarter of 2020, improving from 7 per cent in the previous quarterly survey. This was with a weighted 18 per cent of firms seeing a better business outlook, while a weighted 21 per cent expect a worse one, according to the Singapore Economic Development Board.

Question for discussion during JC 2 economics tuition classes:

  1. Explain the various factors influencing level of investments in Singapore

04 Jul

Posted at 23:04h in anthony fok, Economics, economics tuition, economics tuition singapore, economics tutor, economics tutor singapore by

What skills are economics students expected to have?

● Demonstrate knowledge and understanding of economic concepts, theories and principles.

●  Interpret economic information presented in textual, numerical or graphical form.

●  Make valid inferences from information presented and evaluate the reliability of information given.

●  Apply relevant economic concepts, theories and principles to analyse contemporary issues, perspectives and policy choices.

●  Construct coherent economic arguments.

●  Evaluate critically alternative theoretical explanations, contemporary issues, perspectives and policy choices.

●  Recognise unstated assumptions and evaluate their relevance.

●  Synthesise economic arguments to arrive at well-reasoned judgements and decisions.

 

Learn more from Economics Tutor — Join us for Economics Tuition lessons at Bukit Timah / Tampines.

29 Jun

Posted at 00:00h in economics tutor by

Economics tutor Anthony Fok is the founder and principal tutor of JC Economics Education Centre. The founding of JC Economics was the product of his dedication to share his passion and knowledge in economics to his students. With a master’s degree in education and currently pursuing a Ph.D. in education, he is devoted in designing his tuition lessons with the best teaching methods to ensure that his students learn with the best. He also teaches the lessons personally to ensure that the quality of his lessons is not discounted.

Every lesson is planned carefully with learning objectives to meet. This assures that his students achieve in understanding the skills for the A-Level economics examinations. The lessons will cover the economics topics in the A-level syllabus, followed by going through various examination question types. Students will be taught on how to analyse the questions and to identify the question requirements. A step by step approach to applying the economics principles and evaluating answers will be taught in class.

Apart from setting learning objectives, tutor Anthony Fok also ensures that he weaves in real-life examples and his own personal anecdotes into his lessons. He is a firm believer in teaching through sharing his own experiences as he feels that students will be able to draw a relation to the experiences to the economic principles, thereby making remembering economics concepts easier. On the other hand, his experiences sharing make lessons more interesting and less mundane.

He also recognises that the learning needs of students in the economics subject also needs to be addressed even after tuition lessons. By providing his students with his mobile number, students will be able to get their queries answered immediately. He encourages his students to ask him any economics questions as it helps them develop a lifelong positive learning attitude and that students can go on with their revision quicker. 

In preparation for the JC 1 Economics promotional examinations and JC A-Level examinations, the Intensive Revision Programmes are tailored to make revision for economics effective. Some of these programmes include case studies workshop and topic centred workshops (e.g. market failure, economic policies, etc.). Tutor Anthony Fok makes sure that these revision contents are concise for easy revision and students’ examination skills are strengthened. Students will be able to gain useful examination strategies and tips to apply in their economics paper.

His results can be seen in his former students’ achievements in excelling their A-Level economics examinations and moving on to further studies in prestigious universities. Economics Tutor Anthony Fok has also been featured in various media platforms such as news articles and television programmes as one of the best tutors in Singapore. These appearances prove his success as an effective economics tutor to his students. While his teaching methods are useful, he also credits all his students’ hard work in practicing the essential skills for economics and their diligence in studying for the economics subject.

Start your economics journey today at jceconomics.com !

 

28 Jun

Posted at 13:21h in economics tuition by

Economics Study Tips – 5 Easy Ways

Studying for economics is not tough at all if you know how to study smart and right. Not sure how to study for economics and looking for economics studying tips? Here are some tips for you:

1. The basics

Always have a positive learning attitude in school. This means attending all lectures and tutorials and doing your homework before class. School is the main source of knowledge and where you spend most of your time at on weekdays, so it is always very important not to skip any classes. Doing your homework before class also helps teachers meet their teaching objective for their economics lessons and to also facilitate class discussions more easily. Teachers may also give hints on what they may test for school-based examinations hence it is always good to be present for all classes.

2. Plan your time

Time management is crucial in revision. Always set a schedule on what you want to revise on that day. With a revision schedule, it helps you to prioritise which economics topics you want to focus on first. For example, you can set more revision time for weaker economic topics. Having a well-planned schedule could boost your motivation in revising for your examinations as you are able to keep track of your own progess

3. Make your own economics notes based on your own learning style

Everyone has different learning styles and needs. It is important to craft your notes that helps your picture the contents and concepts easily to suit your learning needs as economic concepts can be very complex. Some students may learn better with mind maps while some students prefer notes in point forms. Whatever way you choose to craft your revision notes, ensure that It is the right approach for your needs. If that certain way does not fit your revision needs, change your way of making notes to another style.

4. Practice, practice, and more practice

Economics is not just about memorising. Economics requires critical thinking skills to make sound judgements and the skills to apply and explain economics concepts correctly. For H2 Economics students, essay writing also requires practice to write in a structured manner. With continuous practice in examination style economics questions, you will be able to apply the answer skills without any difficulties. You will also be more exposed to different question types, which will help you become better prepared to face the questions posed in the examination papers.

5. Ask for help

Never suffer in silence, always approach for help. Nobody will know that you are struggling to grasp economic concepts if you do not speak up to clarify your doubts. You can always ask your friends for help first as they are the closest person you can find. If you are still unable to get your questions answered, approach your teachers or consider enrolling into economics tuition to make understanding economic concepts better.

Join us at Economics Tuition if you are looking into enhancing your economics revision.