1How can globalisation have a positive impact on countries? (and example)
It can stimulate economic growth. Example: Economic growth can be achieved through foreign direct investment (FDI) which are investments by foreign companies in Singaporean ones. In December 2022, Singapore’s Direct Investment abroad rose by USD 12 billion while foreign porfolio investment grew by USD 9.9 Billion
2What is the outcome of globalisation having a positive impact on countries?
With FDIs, Singaporean companies have the financial means to expand. Profits for local firms will increase. In turn, this also generates more tax revenue and creates more job opportunities that lead to economic growth
3How can globalisation have a positive impact on individuals by allowing them to attain higher incomes?
As globalisation has made it easier for people to travel from one part of the world to another, people can look for jobs overseas that have better job prospects, and better benefits such as extra allowance and free accomodation
4What’s an example of how globalisation can have a positive impact on individuals by allowing them to attain higher incomes?
Silicon valley in the USA is home to some of the best technology companies in the world such as Google and Apple. Software engineers would be attracted to re-locate and work for those companies to work with the best and brightest in the industry, as well as to work on projects that would only be available in these firms
5How can globalisation have a negative impact on individuals by resulting in them to have lower incomes? (and example)
Those who cannot keep up with rapid changes and evolving job requirements in various industries may feel challenged navigating our globalised world. Example: Amazon retrenched 2000 employees in Singapore in 2021.
6How is government support a response to the economic impacts of globalisation (financial support)
Governments can provide financial support to cushion negative impacts of globalisation by setting up agencies to provide more resources and advice to help businesses innovate
7How is government support a response to the economic impacts of globalisation (economic cooperation)
Free Trade Agreements (FTAs) can be signed between two or more economies to make trade and investment between them easier by reducing or removing taxes on imported goods to allow imports and exports to be traded more freely and at lower costs
8What’s an example of how government support is a response to the economic impacts of globalisation (financial support)
In 2017, the small and medium enterprises (SMEs) GO Digital programme was launched to help SMEs to adopt advanced technologies
9What’s an example of how government support is a response to the economic impacts of globalisation (economic cooperation)
The European Union - Singapore Free Trade Agreement (EUSFTA) came into effect in Nov 2019 and under it, the EU removed tariffs on 84% of all Singapore products entering the EU within the 1st year and the remaining 16% over 3-5 years enhancing market access to asian food products made in Singapore
10What is the outcome of government support as a response to the economic impacts of globalisation (economic cooperation)
By eliminating tariffs and reducing trade barriers, the government allows Singapore business to diverisify exports and foster new business partnership fostering regional integration and enhancing competitiveness in the global marketplace
11How is acquisition of knowledge and skills by individuals a response to the economic impacts of globalisation (and example)
Individuals can respond by continously upgrading their skills and knowledge to remain competitive in the job market Example: Using Skills Future for pursuing higher education, vocational training, or acquiring new certifications relevant to emerging industries