ch9 Flashcards
(9 cards)
globalisation -> economy
global economy
1. integrated, interdependant
2. economic links, countries (international trade, investment
foreign domestic investment)
3. affect countries unevenly, must adapt
example
participate in global econ. -> economic growth
2010-2020s
1. FDIs, China, Japan, US
2. finance, insurance sector, wholesale, retail trade sector, manufacturing sector
3. invest billions of financial capital -> SG
example
participate, global econ. -> vulnerability
examples
global econ,
more employment opportunities, higher income
individual
Amazon hiring during 2020
1. extend from Seattle -> India, Italy
2. wide range workers, warehouse, software engineers, tech specialists, over 1.2mil ppl
3. individual, participate in global econ., going abroad, find jobs overseas, more opportunities
examples
job insecurity
income loss
global econ.
Amazon firing during 2023s
examples
competition, labour market
global econ.
artificial intelligence, robots
- globalisation -> dev of technology
- less education, only labour related skills -> risk replaced, cheaper labor, artificial intelligence, automation
examples,
govt. respond, challenges, global econ.
free trade
Singapore-Australia FTA, tarrifs, all imported goods, remove, less trade barriers
greater FDIs
monetary auth, SG
low, stable inflation, SG,
attract FDIs, capital investment
examples govt. respond, challenges, global econ.
offer govt. support, companies, individuals
COVID-19 stabilisation, support package
- covid, coutries close borders, transport, tourism direct affect
- cushion econ. impact, property tax rebate, tourism sector, cash flow support
- support, retained jobs, affected workers
how one, adaptable, resilient, global econ.
upskill
SME owner Ms Lily Loh used IMDA Go digital programme, learn, digitalise business operation
more open-minded
try other industries via Career Conversion Programme, SG
save, invest responsibly
