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Globalisation In Singapore: Impact Of Globalization In Singapore

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Globalization in Singapore

Globalization allows the world to become increasingly interconnected, due to increased trade and cultural exchanges, thereby blurring national boundaries.

Singapore has also become increasingly globalized, having signed Free Trade Agreements with many countries. Many multinational companies have also been introduced locally.

Besides this, Singapore is a global city. The main features of one is its dynamism, diversity and dominance.

Firstly, Singapore possesses dynamism. With strong footholds in aspects like medical science and technology, Singapore creates a vibrantly diverse center for innovation and nurtures crucial workforce skills and talent, with regards to success in today’s integrated global economy.

Secondly, Singapore is diverse. In 2011, four tenths of Singapore’s population were not non-native, and this diversity in backgrounds contributes to her diversity.

Lastly, Singapore possesses economic dominance. She ranks 9th worldwide in terms of GDP per capita, as of 2015. Thus, Singapore is essential in the international financial sector. She was selected as the first offshore Yuan hub outside China in May 2013, and amassed $28 billion in Yuan deposits as of December 2013.

Impact of Globalization in Singapore

Globalization has benefitted Singapore.

Firstly, globalization allows Singapore to have an open economy, leading to rapid development in her economy and her rise to a developed nation. This has raised her

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