Singapore’s economy expanded more than economists estimated last quarter, averting a recession even after the central bank refrained from monetary stimulus as it sought to contain elevated inflation.
Proof that an economy can grow without government spending. Of course this will come as a surprise to any off the shelf lib. All the keep saying is that an economy can’t grow without government spending.
Also, in case you are wondering, Singapore also has one of the lowest tax rates in the world as well.
Employment increased last year even amid a smaller annual expansion, with the jobless rate at a six-quarter low of 1.9 percent in the three months ended September.
The country’s tax rates are among the world’s lowest, luring investment from companies such as Rolls-Royce Holdings Plc, Europe’s largest maker of commercial aircraft and ship engines, which opened a S$700 million ($572 million) manufacturing and assembly plant in February.
Of course, all we get here in the US is tax hikes, endless government spending and a stagnant economy.