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Asia Spending Too Little on Poor

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Submitted By ian1389
Words 1079
Pages 5
Asia Spending Too Little on Poor
Introduction
Asia, predominantly consisted of developing nations are experiencing rapid economic growth in the past decades. However, for the majority of the population, quality of life have not improved accordingly. In most countries, social security policies are under-budgeted which could be used help the lower-income, unemployed, elderly, or those stricken by natural disaster. As one of the most developed nation in the region, Singapore still fell behind on social protection spending. Combined with rapidly aging population, Singaporeans have the highest savings rate in the world. Fearing that the government will not be able to help them in the future (Quasem 2013).
From the extract of the article above, this paper will underlie the definition and academic analysis of Singapore’s underspending on its social protection policy. Which will include a discussion on its current GDP, Economic inequality, fiscal policy, and subsidy. Even though the article discusses on the problem as a continent, with the given world count limitation, the essay will only look on Singapore alone. A concluding statement will follow with an appropriate argument of the consequence of the policy currently at hand.

Discussion
With $65,048 per capita GDP, Singapore is known for having the fifth highest per capita GDP in the world (Singstat.gov.sg 2005). GDP, or gross domestic product, is a measure of the total value production of goods in services within a nation at a given time period. Whereas GDP per capita is a measure of the amount of GDP averaged to the total population (Parkin 2010). It is debated whether the value of GDP per capita value affects the quality of life on its population. The average amount of production per person is not a suitable quantitative statistic of how well the citizens are living. Instead, more quantitative approach is

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