Globalisation

Question 0

What are the economic impacts of globalization?

Answer 0

• Improvements in living standards
• Increased competitions among countries
• Widening income gap

Question 1

What are the key driving forces of globalization?

Answer 1

-Transportation
( Speed & Ease of travel, time & cost is cut down and it is efficient )

-Communication
( Speed of communication, faster & easier, allow easier management of TNCs activities )

-Transnational corporations
( Larger global firms that operate globally )

Question 2

What are the social impacts of globalization?

Answer 2

• Increased awareness of foreign culture
  ( History, culture, way of life )
• Loss of local culture
  ( K-Pop, dialect )

Question 3

What are the environmental impacts of globalization?

Answer 3

• Deforestation & related problems
• Global Warming
• Environmental management

Question 4

What are the strategies to overcome challenges?

Answer 4

• Diversifying the economy
  
  • Industrial sectors ( Manufacturing hub )
  • Service sectors ( Regional hub for education and tourism )
• Nurturing growth of SMEs
• Venturing abroad
• Expanding market reach through Economic cooperation ( Trade relations, Free Trade Agreement, Special Economic Zones )

Question 5

How do we manage resources efficiently?

Answer 5

• Developing people ( Employability Skills Systems )
• Attracting foreign talent
• Managing the environment