“Globalisation has been a blessing for Singapore’s development.”
The world we live in today is characterised by globalised markets and a merciless pace of change. Powered by relentless technological advances, the forces of globalization have undoubtedly driven the ever-accelerating expansion in economic activity and capital flows, even opening previously closed sectors and countries. The economies of countries are becoming increasingly integrated with one another. Indeed, living in today’s globalised era, no country has been untouched by the expanding and influential force of globalization. Singapore is no exception, as evidenced by her miraculous evolution from a mere fishing village in the past to the cosmopolitan and vibrant metropolis today-------all thanks to globalization. Without the global market, it is difficult to imagine how Singapore’s substantially export-orientated economy would be able to function.
Globalization is definitely a blessing for Singapore’s development. The city-state has achieved spectacular results when it comes to its social infrastructure, as well as economic prosperity. While economic activity took the most simplistic form of entrepot trade previously, globalization has enhanced the interconnectedness of Singapore’s industries. Due to Singapore’s embrace of free trade, she is now more economically developed. With her free market economy and excellent international trading links, it is no wonder that Singapore is ranked the 5th highest GDP per capita in the world. In fact, Singapore has been consistently acknowledged as a global business hub. In the 2008-2009 Global Competitiveness Report by the World Economic Forum, Singapore was named the most competitive economy in Asia. Singapore’s willingness to open up to the world market enabled her to be categorized as one of the four Asian Tigers. Furthermore, her economy has been boosted greatly with the increase in foreign investments and the setting up of enterprises,...
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