Significantly increased trades around the world However, another very important long-term factor which helped for rapid growth of economy is benefits from geographical location, and increased trades with other countries. G Huff, The economic growth of Singapore: Second factor why dominant hi-tech companies establishing business in this country is confortable access to electronic parts, perfect infrastructure and political stability.
But the most important issue of globalization is that sovereign states losing control on their economies because rich international companies are taking control of it. However, because of these factors Singapore is highly dependent on export and import. 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.
As we know, Singapore is lacking of land and natural resources which are very important for economic growth. Social scientists started to use definition of globalization in the middle of fifth decade. More essays like this: In fact, Singapore has been consistently acknowledged as a global business hub.
Singapore has a very small land mass, with no room for agriculturally-based industries. This case study will help to understand why globalization process is so important to global economic growth. These policies of free financial trade were one of the major factors for rapid economic growth in Singapore.
This poses a financial risk for the country, but it also demonstrates that Singaporeans have a healthy entrepreneurial ability. Singapore is a small, densely populated country situated in South-east Asia.
Hence, we can assume that globalization affected Singapore positively because it increased rapid economic growth, increased export, created competition in the market and other benefits.
The government manages the country like administrating a large corporation, aggressively buying and selling Singaporean dollars on the global market to influence the exchange rate and to achieve government objectives.
Hence, the most important factor which increased economic growth in Republic of Singapore is extremely free financial market which enlisted amazing amounts of money from foreign countries Table 3. All of these excellent statistics from Singapore are advantages brought about by an increasingly globalised world.
However, later in my paper I will discuss how globalization affected Asian Tiger positively or negatively. Singaporeans have also expressed concern over the issue of a sense of national identity. With these foreigners bringing their own cultures and values, together with the exodus of local Singaporeans, social cohesion may be adversely affected.
However, globalisation brings negative impacts also.
Singapore has a very small land mass, with no room for agriculturally-based industries. Republic of Singapore is very active in hi-tech industries like: Globalisation brings both positive and negative effects. As we know, rapid globalization is a non-border platform which leads states to competition 10 for resources and land.
The Impact of Globalisation on Singapore Essay Sample. 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 the same way, Singapore has also used the aspect of globalisation which increases communication in her own advantage to improve the economy and trade.
One of the industries affected positively from globalisation in Singapore is the tourism industry.
Conclusion The objective of this essay was to argue what factor of economic globalization around the globe boosted economic growth in a small city-state like Singapore in terms of FDI, free trade, increased export and import and innovation of hi-tech industries.
Singapore is one country that has been able to harness the positive impact of globalisation to build a stable and strong economy. This country has been extremely successful in attracting talent and capital from all over the world and utilising it to turn an erstwhile fishing village into a growth-oriented metropolitan city-state with world.
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.
Effects of globalization in singapore. Print Reference /). However, the income gap was pushed even more by globalisation and the recessions from December until now, This caused the depression the unskilled workers’ salaries while inflating the skilled workers’ salaries. If you are the original writer of this essay.Singapore globalisation essay