P J R M I

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M O R G A N A To: Ministry of Finance
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I T ´ S A B O U T B A L A N C E 100 High Street
U #06-03 The Treasury
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Singapore 179434
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To: The Finance Minister of Singapore Mr Heng Swee Keat.
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N Regarding: Economic Growth - Reducing Government Debt.
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Friday, 25th October 2019.

I have my concerns about the Asian economy as a result of China's far worsening tightened
credit conditions and the limitations of the Indian banking system, which is seeing a rise in
the number of defaults. Both of these economic difficulties could become problematic for the
economy of Singapore. A banking crisis in particular could spread and impact the whole of
the Asian economy. Making sure there is sufficient economic growth in the economy protects
against debt defaults and the spread of bad debt from nation to nation, growth is imperative.

I am an independent macroeconomist located in the United Kingdom who develops new tools
and policies to enable economic growth. I have noticed Singapore's government debt has
increased by nine percent in the last three years. I believe the percentage of government debt
to Gross Domestic Product can be reduced through economic growth. I have enclosed a copy
of a book I have written entitled, 'Economic Growth in A Highly Constrained Environment',
providing original methods of generating economic growth, to reduce national debt to GDP.

I have also enclosed a copy of another finance book I have written entitled, 'Modern Applied
Macroeconomics', which uses pension policy as a macroeconomic control tool and economic
stimulus. The book was originally a paper written in 2006, which has been so heavily applied
in the United Kingdom that it has completely reformed economic policy. Pension policy is
now a macroeconomic control tool and has been reformed in a way that it generates massive
treasury cost efficiencies, through altering how pension tax relief is paid to retirement savers.

I believe the new economic techniques I have developed can be used in Singapore to protect
against the difficulties seen in the wider Asian economy. This in turn will help to stabilise the
global economy and prevent the spread of a further banking crisis. It may be worth increasing
the level and availability of central bank reserves to protect against the threat of bank runs,
which often occur at the same time as debt defaults. The majority of loans calculate interest
as a percentage of the principal investment, so perpetual growth is required in an economy.

Kind Regards.

Peter James Rhys Morgan.

Website: morganisteconomics.blogspot.co.uk
Copyright © 2019 Peter James Rhys Morgan.