What Are The Positive Effects Of Globalization?

Globalization is a process of interaction and integration among the 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 government strongly belives that globalisation is a pre- requisite for our survival under the constraints of such a small country. The world economy is crucial to our survival and existence. Having an open economy and free trade is a viable option for prosperity and self- reliance.

Globalization will inevitably bring about negative and positive impacts on a country. There will be

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 Singapore.

With the influx of foreign, there will be greater competition for jobs, overcrowding and culture dilution, hence some Singaporeans no longer feel a sense of belonging to the country. The immigration of wealthy foreigners has also resulted in an increase housing prices and other basic daily necessities, thus making it difficult for some Singaporeans to make ends meet. As a result of all these unhappiness, most of the brightest individuals with the most contribution to the society will inevitably find emigration overseas easiest, hence resulting in brain

Top Singaporeans scientists working overseas have also been encouraged to come back, ith the lure of full funding support for research work and help in setting up laboratories in universities here. Besides, Singapore is toning down on its policies with the intention to reduce reliance on foreign workers and increase taxes on top earners so as to help create an innovative economy and reduce inequality, according to Finance Minister Tharman Shanmugaratnam. Instead, the government will focus on increasing productivity growth to try to help employers struggling to fill vacancies and counter the effects on Singapore’s slowing economy. With these current efforts, the government hopes to boost competitiveness, keep the workforce lean, nurture a core group of Singaporean workers and use the foreign workers as a complement to the local workforce. With a tight lid on immigration of foreign workers, the government hopes that the majority of Singaporeans would form the workforce and hence, reduce the occurrence of brain