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Term 1: J2 H2 EC CE1SOL & Its Indicators20142015Real GDP growth rates (%)20163.92.892.96G. coefficient (before accounting0.4640.463for Government transfers & taxes)0.458Gini coefficient (after accounting0.4110.4100.402for Government transfers & taxes)Inflation rate (%)1.02-0.52-0.53Source: Singapore Department of StatisticsOssess the extent to which the above indicators are useful in determining the change inngapore’s standard of living.