consequences of high cost of living in Singapore

Singapore is a highly developed country. It has a strong economy, sky high skyscrapers, luxurious shopping malls and many other facilities. We have low poverty rates, secure safety security, high quality and availability of education and many others that contribute to high standards if living. Though it is a glory to have a high standard of living, there are many consequences that come with it.

In Singapore, the price of goods such as common things like groceries in a supermarket, are priced at highly unreasonably prices. Even fast food chain restaurants are prices higher that many countries across the globe. Lets take the big mac scale for example.




Singapore is on the top six of the chart, just at he global average of around 40. This chart compares Singapore to other countries. From the chart, we can observe that the prices of goods are fairly high in Singapore.

A high cost of living may cause the gap between the poor and the rich to increase. This is because the poor will have to use more money to buy groceries, daily needs or houses. they may not be able to afford it, have to work harder, and use up more of their savings to get them. This leads to a wider gap between the poor and the rich. A high cost of living may also result in lesser babies. Babies require a lot of money to raise. They need milk powder, clothes, space and later on money for education, for tuition and school. For the poor, having children will increase their financial burden because they not only have to care for themselves, but also have to provide for others. Lastly, the number of cars will be affected too. Cars need fuel and maintenance, both which are not cheap. Public transport is much more affordable, so more people to choose to take it, and thus there is a decrease in cars on the road.

These are just three of the consequences of high cost of living in Singapore. We all have to be aware of the economy of the various countries across the globe so as to not be left behind and constantly improve so that our lives will be better.