Economic Impact Of Globalisation In Singapore
This paper presents Singapore’s economic and socio-cultural position in the world and how current world events and trend might affect Singapore directly or indirectly. Impacts and opportunities of globalisation towards Singapore are also discussed. As the West starts to shut itself off and with China opening up, it is timely to question the role globalisation plays for Singapore. Upon examining the impact of globalisation and opportunities it provides for Singapore, we believe that Singapore should remain globalised to maximise its potential.
Singapore’s Economic and Socio-cultural Position
Singapore today can be considered as an economic powerhouse, having experienced remarkable growth since independence. In October 2016, the Gross Domestic Product (GDP) per capita of Singapore was ranked 10th in the world in the International Monetary Fund World Economic Outlook, at US$53,053 [1]. Despite Singapore’s lack of natural resources – a link to a very important market – Singapore has still managed to more than sufficiently supplement its economy by having a suitable location for a port. Singapore is surrounded by naturally deep water and is positioned along important trade routes in Southeast Asia, allowing Singapore to establish itself as one of the major trading ports in Asia [2].
The services sector makes up over 75% of Singapore’s economy, with services pertaining to Information Technology, Exports, Commerce and Transport and Communications [3]. The manufacturing sector also
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