Singapore economy

Topics: Economic growth, Economics, Capitalism Pages: 3 (848 words) Published: July 23, 2014
Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. There are varying degrees of economic integration ranging from theoretically completely free trade to the use of preferential trade agreements to stimulate relationships between specific trade partners. Removing trade barriers comes with costs and benefits, depending on the degree of economic integration and the level of cooperation between member regions or nations.

Over the past half-century, Globalization has been imminent throughout the world. Globalization can be defined as the movement of mainly economic activity around the world, within a borderless marketplace. Globalization brings both positive and negative effects. One country in which the positives of globalization 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. Globalization plays a major role in the concerns all over the world, and this is clearly shown in Singapore.

Singapore is the economic, financial and technological capital of South-East Asia. The country has a highly developed trade-oriented market economy. Singapore's economy has been ranked as the most open in the world, least corrupt, most pro-business, with low tax rates and one of the highest per-capita gross domestic products in the world. The economy of Singapore is a major Foreign Direct Investment outflow financier in the world, and the economy of Singapore has benefited from the inward of Foreign Direct Investment from due to Singapore's attractive investment climates.

The Gross Domestic Product (GDP) in Singapore contracted 1 percent in the third quarter of 2013 over the previous...
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