Economic Globalisation

Economic Globalisation

1. Drivers

   • Transportation
     • Aeroplanes
     • Containerisation
     • 2014, Singapore's buses had ridership of 3.7 million
   • Multinational Corporations (MNCs)
     • Shell, Toyota, McDonald's
     • 69 million employees in 2014
   • Technology
     • 2017, 4 billion Internet users worldwide
     • 2015, 1.9 billion smartphone users

2. Countries

   • Economic Growth
     • Foreign Direct Investment (FDI)
       • 2013, $800 billion in FDI
     • Free Trade Agreement (FTA)
       • 2014, US-Singapore Free Trade Agreement (USSFTA)
   • Economic Downturns
     • 2008 global financial crisis

3. Companies

   • Higher profits
     • Cheaper land and labour abroad
     • Loan and tax incentives from government
   • Lower profits
     • Greater competition
     • 2015: sale of Neptune Orient Lines
   • Small and Medium Enterprises (SMEs)
     • 65% of employment in Singapore
     • Competition against bigger MNCs

4. Individuals

   • Higher income
     • Better salaries abroad
     • Easy to stay in touch
   • Loss of income
     • Jobs competition from global workforce
     • Continuing Education and Training (CET) Masterplan
       • Workfare Training Support (WTS) Scheme
     • 2015 SkillsFuture