I decided to delve into an analysis of some of Singapore's Economic statistics today. I did a bit of sleuthing around and some analysis of our GDP data, and what follows below is the results of my analysis. All the data below is publicly available from Singstat. (all charts clickable for full version)
The chart above shows the nominal GDP breakdown from 1999-2009. From the chart we can see that GDP has been steadily on the rise, apart from the recent dip following the financial crisis. The chart also breaks down the GDP into the Foreign Resident share and the indigenous share of GDP.
This chart performs a statistical analysis on the first chart above. As can be seen, the % share of GDP that went to Foreign Residents increased consistently from 37.85% in 1999 to 42.58% in 2009. In other words, a progressively larger proportion of our economy belongs to foreigners. Correspondingly, the indigenous share of GDP has declined from 62.15% to 57.42% from 1999-2009.
The average rate of increase in Foreign Resident share of GDP over the last 10 years was 0.473% per year. If this rate of change continues into the future, the Foreign Resident share of the Singapore economy will cross the 50% mark within 16 years.
If that extrapolation is disturbing, then the analysis of GDP growth must be even more so.
This chart shows the difference in compound GDP growth between Foreigners and Singaporeans. The growth in Foreign Resident GDP at 7.56% is distinctly 2 full percentage points higher than the growth in Indigenous GDP at 5.46%, over the last 10 years.
This chart is perhaps the most telling of all. It shows the breakdown in the share of GDP growth between Foreign Residents and Indigenous. Since 1999, a whopping 48.19% of Total GDP growth has gone to Foreign Residents. In particular, in 2006, the year just before the financial crisis began, 73.87% of GDP growth went to Foreign Residents. This was only corrected during the economic downturn when there was a contraction in 2008 in Foreign Resident GDP.
Think about the implications of this. Half of the efforts of the Singaporean Government since 1999 to grow GDP have gone to Foreigners. Half of Singaporean Men's national service efforts have contributed to Foreign Resident GDP growth since 1999 (obviously, foreigners will never have to serve a single day of national service, and they are subject the same tax rates as Singaporeans). And at current rates of growth, more than half the economy will belong to foreigners by the year 2026. At current rates of growth, Singaporeans will, in 2026, effectively be foreigners in their own country.
The statistics speak for themselves. For the last 10 years, has the PAP Government looking out for the interests of Singaporeans first, or foreigners?
Look at the numbers and decide for yourselves.