25 Jan '11, 2am

Singapore fell to 3rd place in a ranking of the world's most globalised economies, trailing HK & Ireland

SINGAPORE has fallen from top spot to third in a ranking of the world's most globalised economies, trailing Hong Kong and Ireland. The Ernst & Young's Globalisation Index 2010 found that the Republic continued to perform strongly in terms of openness to trade and capital movements, with improvements also seen in cultural integration. Singapore posted reduced scores, however, in the areas of labour and technology compared with the year before - when it had claimed top spot in the index's inaugural 2009 survey. Ernst & Young country managing partner, Mr Steven Phan, said the lower net migration, as well as a reduction of trade in research and development as a proportion of economic output, has reduced Singapore's score for labour mobility and exchange of technology and ideas. 'However, we expect Singapore's globalisation score to steadily improve between 2011 and 2014. 'Scor...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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