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SPEECH BY
PRIME MINISTER LEE HSIEN LOONG AT
ECONOMIC SOCIETY OF SINGAPORE
ANNUAL DINNER
8 June 2012
Economic Society of
Singapore
Singapore ranks 11th worldwide based on GDP per capita
GDP Per Capita in 2011, US$
US$
Source : IMF World Economic Outlook April 2012, DOS
2
On PPP basis, Singapore is 3rd, only behind Qatar and Luxembourg
GDP Per Capita (PPP) in 2011, International Dollar
Intl Dollar
Source: IMF World Economic Outlook April 2012
3
Compared to leading cities, Singapore is some way behind
Rankings of Metropolitan Areas by GDP per Capita, 2011
2
Oslo
Hartford
8 Stockholm
1
6
11
20
Los Angeles
7
New York
Zurich
16
Paris
Washington
Singapore
Numbers within circles indicate rank. Size of circles corresponds approximately to GDP per capita.
Source : Brookings Institution, MTI-ECD Staff Estimates
4
Many countries have seen income inequality rise
Source : Roine and Waldenström (2008). Chart reproduced from wsj.com
5
Growth has slowed as Singapore matured
Average Annual Growth Rates over Decades in Singapore (%)
8.9
7.5
6.9
5.6
1970s
1980s
1990s
2000s
Source : DOS
6
Taxes In Scandinavia Much Higher Than In Singapore
Country
Personal Income
Tax Rate
(Top Bracket)
Personal Income
Tax Rate
(Median Earner)
Value Added
Tax/GST Rate
Sweden
57
16
25
Finland
48
19
23
Denmark
48
27
25
Iceland
44
25
25.5
Norway
40
20
25
SINGAPORE
20
0
7
Source: OECD (2011), MOF
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