economic impacts of globalisation on singapore

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ECONOMIC IMPACTS OF GLOBALISATION IN SINGAPORE

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IMPACTS POSITIVE NEGATIVE

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Economic impact of globalization on Singapore. Positive Enhances development through trade and expansion of industries Increment of retirement age due to aging population

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Negative Rise in China and India as competitors 2. Brain drain Economic impact of globalization on Singapore.

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POSITIVE IMPACTS

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Economic impact of globalization on Singapore. Positive Enhances development through trade and expansion of industries Increment of retirement age due to aging population

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Singapore has little of its own resources It imports cheap raw materials from the periphery country! AHA!!

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Production cost is now lowered!

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AS curve shifts downwards and rightwards. Therefore, income is increased. The economy of Singapore thus increases . → GPL decrease from P 0 to P 1 → national income rises from Y 1 to Y 2 .

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Globalization Development in Singapore Attracts workers from the periphery countries Increase in employment and population

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There is an increase in demand for goods and services within Singapore as there are more people living and working here.

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Aggregate demand for goods increases Rightward shift of AD curve Singapore starts expanding existing industries and more new businesses are established.

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The productive capacity increases, supplying more goods and services. Increase in work labour and industries and businesses rightward shift of the AS curve.

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→ national income rises from Y 1 to Y 2 . Therefore, income is increased. The economy of Singapore thus increases . → increase in the productive capacity from Y 1 to Y 2 . → GPL decreased from P 0 to P 1

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Economic impact of globalization on Singapore. Positive Enhances development through trade and expansion of industries Increment of retirement age due to aging population

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Ageing population in Singapore is increasing The government increased the retirement age to 65 Increased labour force.

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→ national income of increases from Y1 to Y2 . Therefore, income is increased. The economy of Singapore thus increases. → increases in productive capacity. → GPL decreased from P1 to P2

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NEGATIVE IMPACTS

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Economic impact of globalization on Singapore. Negative Rise in China and India as competitors 2. Brain drain

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Rent and labour costs are cheap in India and China Attracts more investments from multinational companies Becomes a manufacturing port Other countries would preferably import from india or china Therefore, Singapore’s exports decreases

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Singapore’s productive capacity decreases → fall in AS from AS 0 to AS 1 → fall in AD from AD 0 to AD 1 RNI falls from Y 0 to Y 1 . Therefore, income is decreased. The economy of Singapore thus decreases .

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Economic impact of globalization on Singapore. Negative Rise in China and India as competitors 2. Brain drain

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Globalisation Highly-talented people who are in demand around the globe can move to different countries to search for better employment opportunities Singaporeans may leave the country Brain Drain!

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Singapore’s productive capacity decreases RNI falls from Y 0 to Y 1 . Therefore, income is decreased. The economy of Singapore thus decreases . → fall in AS from AS 0 to AS 1 → GPL rises from P 0 to P 1

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