![]() By opting for an open economy and free trade practices, Singapore has become an important player between two giants – India and China. ![]() Each year, tourists and entrepreneurs from different parts of the globe throng to Singapore for leisure and business. 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 class infrastructure. Singapore is one country that has been able to harness the positive impact of globalisation to build a stable and strong economy. Impact of Globalisation on Singapore Economy In this post, we look at some of the macro-level effects of globalisation on the development of Singapore. Globalisation touches all aspects of a nation, be it economic, political, or sociocultural. These are effects on a micro level but there has been an impact on a macro level, too. You might live in Singapore but wake up every morning to a British news channel, sip on an American brand of coffee, wear a Swiss watch, drive a German car to work, and have Italian food for lunch. The effects of globalisation can be seen in our day-to-day lives. The result of this phenomenon is that the world has come closer and the way humans think, function and do business is not the same as it was, say about 10 years ago. However, if it is globalisation that has brought about the change, or if it is the other way round, is debatable. Globalisation is one such factor which has helped Singapore economy. For any change to occur, there needs to be a stimulating factor that is powerful enough to bring about a revolution in the way people live. It is amply known by one and all that if they want to grow and develop, they will have to learn to change, adapt and upgrade.
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