Globalisation brought everyone around the world closer, not only in the virtual world but also in the real world. As the distance between people get closer, it interlinks life here in Singapore to the life of people who are miles away from us. This also means any disaster or financial crisis that occurs miles away can have an impact on Singapore’s economy. So what exactly is globalisation?
“Globalisation refers to an ongoing process of economic and social integration of economies around the world. The key drivers of globalisation are trade and the movement of capital and people.” (The Straits Times, Review, pA26). For the purpose of this assignment, the advantages and the disadvantages that globalisation will be discussed.
Starting with the advantages of globalisation from the local’s point of view. Globalisation remove or reduce the barriers between nations by the means of transportation and communication. Gross domestic product (GDP) has always regard as the measure of the nation’s economy health. Given Singapore’s strategic trading location in South East Asia, it attracts foreign investment and this caused globalisation to take place rapidly and drove Singapore’s GDP higher each year. Since globalisation has a positive impact on our GDP, it means that Singapore can enjoy the benefits of higher income, lower unemployment, lower government borrowing, improve public services and attracting foreign investments. As more Multi-National Companies (MNCs) set up their businesses in Singapore, job opportunities are created and that bring down the unemployment rate. With low unemployment rate and high GDP, the locals have better purchasing power and this led to the higher living standard of living of people as they are more likely to spend on luxury goods and services.
From the Western’s point of view, they see Singapore as a treasure trove. With Singapore’s world class transportation facilities such as Changi airport and sea port, these make Singapore a very...
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