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S’pore slips to 3rd spot in globalisation ranking

January 24, 2011 | Author: | Posted in Business, General, International, International Business, Society

SINGAPORE : Singapore has slipped to third spot in the rankings for the most globalised economies in the world last year.

The republic comes behind Hong Kong, which took the top spot, followed by Ireland, in the latest Ernst & Young Globalisation Index.

The index measures the world’s 60 largest economies based on their degree of globalisation relative to their GDP.

Singapore took top spot in the index in 2009.

In its latest findings, the accounting firm found that the city state has lower scores for labour and technology compared to the year before.

Managing partner at Ernst & Young, Steven Phan, said: “The lower net migration, and reduction of trade in R&D as a proportion of GDP, has reduced Singapore’s score.”

But Singapore saw an improvement in score for cultural integration and has continued to perform strongly in terms of openness to trade and capital movements.

Looking ahead, Ernst & Young expects Singapore’s globalisation score to steadily improve between this year and 2014.

Meanwhile, Hong Kong, which takes the top spot, saw improvements in all categories except technology, and is particularly strong in trade.

– CNA/al


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