https://padlet.com/181523w/n51b329lppydlmgu Made with love en-us 2021-07-13 05:24:54 UTC 2025-10-31 03:20:21 UTC hello@padlet.com 181523w https://padlet.com/181523w/n51b329lppydlmgu/wish/1647217911 2021-07-13 05:28:02 UTC https://padlet.com/181523w/n51b329lppydlmgu/wish/1647217911 181523w https://padlet.com/181523w/n51b329lppydlmgu/wish/1647218175 1. Economic Growth
- Globalisation increased trading and the expansion of businesses in different parts of the world
- increased tax revenues and employment opportunities
- increase in trade and businesses makes a greater variety of    goods and services available for consumption

• Singapore had little resources in the early years of independence. There was high unemployment and little expertise available in the country. Hence it was necessary for Singapore to attract foreign investors. By the 1970s, other countries with bigger populations were offering lower labour costs than Singapore. Hence in order to remain competitive and ensure economic growth, Singapore focused on more technology and information-driven industries.


2. Economic Downturn
- In times of downturn, countries may withdraw its investments or reduce its demands for goods and services from other countries
- caused by the greater interconnectedness and reliance of countries' economy to one another
- cause a chain reaction
- less income and unemployment for the countries affected


• 2008 Global Financial Crisis. Triggered in the USA and affected many countries in the world. Fall of stock markets, a decline in demand of goods and services and a decrease in industrial production. decline in industrial production resulted in increases in unemployment. Affected more than 50million people.]]> 2021-07-13 05:28:11 UTC https://padlet.com/181523w/n51b329lppydlmgu/wish/1647218175 181523w https://padlet.com/181523w/n51b329lppydlmgu/wish/1647222563 1. Higher Income
- greater ease of movement of labor around the world
- skilled labor being scouted and headhunted by overseas companies
- can be allocated to work either overseas or locally but for an overseas companies . But they will enjoy better job prospects and higher pay
- skills they possess are valuable to companies operations
- headhunted by overseas companies
- enjoy greater benefits by the overseas companies

Example
- Singaporeans median income raised from 4056 to 4437 from 2016 to 2018
- Singapore Engineer being headhunted to Dubai. His pay raised by 3 times that of the pay he was receiving in SG

2. Loss of Income

• Globalisation has enabled the greater and easier of people and labour across borders 
• It has enabled many workers to migrate to other countries in search of better job opportunities 
• However, the immigration of foreigners into a particular country might not be beneficial for the locals there
• The locals will experience greater competition for job opportunities as many foreigners are also competing for these jobs too
• This would adversely the local workers as they will be forced to be contented with lower pay or risk being unemployed 

• For example, in 2019, there were about 2.16 million immigrants. These immigrants are those working in construction, cleaning, and  lower and middle-skilled jobs
• Often or so, these foreign workers are willing to work for significantly lower pay than the local Singaporean
• This has resulted in local Singaporeans working in these industries having no choice to receive lower pay or not they will be replaced by foreigners

]]> 2021-07-13 05:30:51 UTC https://padlet.com/181523w/n51b329lppydlmgu/wish/1647222563 181523w https://padlet.com/181523w/n51b329lppydlmgu/wish/1647223336 1.Lower profits/ market share
- greater competition between companies
 - harder to earn profits an market shares
- higher risk of losing profits and market shares if companies fail to innovate or make sound business decisions

Examples:
- carrefour closed in only chain in SG after 15 years of operations due to its failure to innovate
- hyflux ltd, made poor business decision of expanding too rapidly that caused it to be in debt


2. Higher profits/ market shares
- Globalisation will lead to MNCs to set up operations in different locations such as other countries.
- new markets abroad
 - access to lower labour cost
- cheaper resources (land and raw material)
- cheaper production costs in other countries
Example:
- Pepsi Co produces items such as potato chips orange juice and oats.

Singapore companies able to gained higher profits
-going global,expand operations
-the singapore government offers assistance such as loans grants and tax incentives which enables companies to take advantage of the opportunities presented by globalisation 


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