How Singapore can stay ahead in a troubled world

This year, the Maritime Week takes place amidst an increasingly turbulent  environment. The global industry, and Singapore’s own maritime sector, will need  to actively prepare for what lies ahead. 

As the world globalised over the last six decades, Singapore’s small, open  economy flourished. We lived in a generally peaceful and stable world. The global  order was underwritten by the United States, supported by its allies in Europe and  Asia. Multilateral institutions were established – the United Nations, International  Monetary Fund, the World Bank and the World Trade Organisation (WTO).  International laws and treaties were negotiated and adopted, including the United  Nations Convention on the Law of the Sea. Countries big and small  generally acknowledged these international rules and norms. They understood that economic liberalisation and freer trade would benefit everyone. Many  countries acted on this understanding and reaped the benefits, including small  economies like Singapore and huge ones like the United States and China.  Investments by multinational corporations in developing countries opened up export markets and  fostered economic growth. International trade boomed, and the global maritime industry grew with it. Collectively, the world economy benefited too, as freer trade  promoted finer global division of labour, more integrated supply chains and  greater efficiencies all round.

Join ST’s Telegram channel and get the latest breaking news delivered to you.

[ad_1]

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}

[ad_2]