How Does Globalization Affect Singapore

Introduction

Globalization is a process of interaction and integration among people, companies and governments of different nations. It makes the world shrink and is a process driven by international trade and investment aided by the advancement of modern technology.

In Singapore, the government places economic progress and prosperity as top priority in all policies. The Singapore government strongly belives that he world economy is crucial to our survival and existence and that globalisation is a pre- requisite for our survival given the constraints of such a small and vulnerable country.

Globalization will inevitably bring about negative and positive impacts on any country. There will be a greater exchange of ideas and labour among countries. More people will leave their homeland in search of better opportunities and there will be changes in terms of the social, political and economic aspects of a country.

Hypothesis

Due to globalization and Singapore’s rapidly shrinking workforce, there has been an influx of foreign immigrants. This root cause alongside other globalization- related factors has resulted in stiffer competition for jobs, overcrowding, rising standard of living due to immigration of wealthy foreigners and culture dilution, has resulted in much unhappiness among the

The problem of an aging population and shrinking workforce in Singapore in the recent years has become a significant problem. Meanwhile, high unemployment rates in developing countries such as China and India have led to a migration of immigrants to developed countries like Singapore. This movement has resulted in an influx of foreign workers in Singapore. Although the Singapore government welcome foreign immigrants and talents to increase our workforce so as to maintain a competitive edge in the global economy, this phenomenon has led to brain drain in