The Impact of Globalisation on Singapore

Over the past half-century, Globalisation has been imminent throughout the world. Globalisation can be defined as the movement of mainly economic activity around the world, within a borderless marketplace. In other words, the economies of countries are becoming increasingly integrated with one-another, and influences on one country will cause dramatic ripple effects on others. Globalisation brings both positive and negative effects. One country in which the positives of globalisation have far outweighed the negatives is Singapore. Without the global market, an economy that is substantially export-orientated such as Singapore would not be able to function. The global market plays a vital role in the economic development strategies that Singapore implements. Globalisation plays a major role in the concerns all over the world, and this is clearly shown in Singapore.

Singapore is a small, densely populated country situated in South-east Asia. The country boasts one of the most open, trade-oriented economies on the earth and has world class financial and elaborately - transferred manufacturing (ETM) sectors. Singapore is home to over 6000 Trans-national corporations (TNCs), making it a haven for international investors. Foreign direct investment from abroad TNCs has led to Singapore's robust international surplus, and this strong inflow of income has let Singapore achieve a GDP per capita of $US 36000, one of the highest in the world, even higher than a large number of western economies. Singapore's vital export base consists of mainly manufacturing, services (financial advisory, etc) and electronic/IT sectors. Singapore is a substantial international creditor into China and other parts of Asia, thus other countries seem to have a sense of dependency on Singapore for loans. This poses a financial risk for the country, but it also demonstrates that Singaporeans have a healthy entrepreneurial ability. All of these excellent statistics from Singapore are advantages