Economies around the world are growing (and some shrinking) at a faster rate than ever before, is nations across the planet begin to better understand and embrace everything that truly globalized markets and economies have to offer.
Singapore has done a fantastic job working hard preparing for this globalization as much as possible, working to combat global protectionism and the fragmentation of markets around the world.
Obviously, Singapore has positioned itself nicely as far as the world economy is considered.
Today, Singapore ranks amongst the top economies on the planet – and is one of the most popular places to build, grow, and investing in businesses. The startup community in Singapore in particular is booming, rivaling that of Silicon Valley in the United States.
Even still, Singapore isn’t happy resting on its laurels.
During the 1960s, Singapore saw significant while facing fantastic economic and social changes, and with the popularity of digital, borderless, and “always on” markets around the world, Singapore has to make sure that it is ready for the post globalized world or it will see its influence in the global community start to wane.
Making things a bit more challenging, of course, has to be the protectionist economic policies being put into place by some of the world’s largest economies. China is driving for “indigenous innovation, India is looking to produce more and more within their own borders, and the new US economy has a very American first focus as they push forward into the future.
These challenges also present unique opportunities to innovative and fast-moving economies like the one in Singapore.
Innovation is the name of the game, and thanks to new incentives outlined in the 2018/2019 budgets the Singapore government understands just how important innovation is going to be today, tomorrow, and well into the future.
Aside from major incentives and investments be made in Singapore economy, Singapore companies are also encouraged to better understand the culture of ALL of the nations that they are going to be doing business in.
Study after study shows that the reason the overwhelming majority of foreign economies fall is not because of protectionist endeavors, but because “outsiders” do not gain a full and complete understanding of the business culture of that nation – and that stunts growth faster than anything else.
This isn’t an area Singapore plans to struggle with.
Already as friendly to foreign investment in foreign businesses as humanly possible, Singapore continues to establish itself as one of the most important harbors in the new global economy. Singapore has absolutely no trouble with flexibility when it comes to their economic progress, and they are more welcoming then maybe any other nation around when it comes time to establish new businesses from other nations.
We still don’t know what the new economy is really going to look like as we, as we are really only beginning to just barely understand what the post globalized economy is going to shake out like. Things in Singapore, however, have never been brighter, and the future looks fantastic for this nation-state in Southeast Asia!
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore to Benefit from Danish Smart City Solutions and all topics related to Business and Tech, if you are interested about Business Registration in Singapore visit our website.
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