Interconnected Economies

Photo credit: Retrieved from https://pixabay.com/illustrations/network-earth-block-chain-globe-3537401/

The COVID-19 pandemic has upended the global economy. With varying degrees of lockdowns imposed, both advanced and developing economies have been hit hard as economic activities ground to a halt and livelihoods are drastically affected. The pandemic is also a stark reminder of how interconnected the world’s economies are.

Since the mid-20th century, free trade and technological advancement, among other factors, have removed barriers and borders of many kinds, enabling the seamless movement of people, goods and information across the world. Governments worldwide have increasingly integrated their economies through flows of trade, investment and capital across borders thereby creating a global marketplace.¹

However, the recent COVID-19 pandemic has forced governments, businesses and communities worldwide to reconsider their boundaries. With state borders restricted and the flow of people, goods and services heavily curtailed, there has been a severe disruption to supply chains worldwide.

In the global economy, Singapore has served as a major business and financial hub and benefitted greatly from its economic openness. The nation-state is bound to confront challenges on the economic front due to the adverse effects of the COVID-19 pandemic. Nonetheless, Singapore has been working closely with nations across the world to mitigate disruptions to the economy, trade and travel, with the hope that the world will “emerge from the crisis stronger, more interconnected."²

Check out the resources below to find out more about the interconnectedness of the global economy and the impact of the COVID-19 pandemic. Our next guide will look at supply chains in a globalized world.

Videos and Podcasts

1. Will the coronavirus crisis reshape globalisation and the economic system? | COVID-19 Special

Source: Will the coronavirus crisis reshape globalisation and the economic system? | COVID-19 Special. (2020, May 27). DW News. Retrieved 2020, June 18.

2. The future of the global economy: Integration or fragmentation?

Source: The future of the global economy: Integration or fragmentation? (2019, January 9). Peterson Institute for International Economics. Retrieved 2020, June 28.

3. China, coronavirus and the interconnected world – Arthur Kroeber

Source: China, coronavirus and the interconnected world – Arthur Kroeber. (2020, April 20). Network 20/20. Retrieved 2020, June 18.

Websites and Journal articles

1. Travails of an interconnected world: From pandemics to the digital economy

Levite, A. & Lyu, J. (2020, April 30). Travails of an interconnected world: From pandemics to the digital. Lawfare Blog. Retrieved 2020, June 18 from https://www.lawfareblog.com/travails-interconnected-world-pandemics-digital-economy

2. Covid-19 could redefine Singapore’s place in the global economy

Capri, A. (2020, February 26). Covid-19 could redefine Singapore’s place in the global economy. Singapore Economic Development Board. Retrieved 2020, June 18 from https://www.edb.gov.sg/en/news-and-events/insights/headquarters/covid-19-could-redefine-singapore-s-place-in-the-global-economy.html

3. Opportunities for a circular economy post COVID-19

Wijayasundara, M., (2020, June 22). Opportunities for a circular economy post COVID-19. World Economic Forum. Retrieved 2020, June 28 from https://www.weforum.org/agenda/2020/06/opportunities-circular-economy-post-covid-19/

4. Globalisation in a small open economy: The Singapore experience

Robinson, E. (2018). Globalisation in a small open economy: The Singapore experience. BIS Papers No. 100, 321–329. Retrieved 2020, June 18 from https://www.bis.org/publ/bppdf/bispap100_u.pdf

5. Interconnected economies: Benefitting from global value chains

OECD. (2013). Interconnected economies: Benefitting from global value chains. Synthesis report – OECD, 1–54. Retrieved 2020, June 18 from https://www.oecd.org/publications/interconnected-economies-9789264189560-en.htm

6. COVID-19 and Southeast and East Asian economic integration: Understanding the consequences for the future

Economic Research Institute for ASEAN and East Asia. (2020). COVID-19 and Southeast and East Asian Economic Integration: Understanding the Consequences for the Future. ERIA Policy Brief, No. 2020–01, April 2020. Retrieved 2020, June 18 from https://www.eria.org/uploads/media/policy-brief/COVID-19-and-Southeast-and-East-Asian-Economic-Integration.pdf

Ebooks

1. Visions for the global economy: Economic growth, global economic governance, and political economy

Gagain Jr., J.R. (2012). Visions for the global economy: Economic growth, global economic governance, and political economy. iUniverse. Retrieved from OverDrive. (myLibrary ID is required to access this ebook.)

2. Flat world navigation: Collaboration and networking in the global digital economy

McDonald, K.C. (2015). Flat world navigation: Collaboration and networking in the global digital economy. Kogan Page. Retrieved from OverDrive. (myLibrary ID is required to access this ebook.)

3. Southeast Asia in the global economy: Securing competitiveness and social protection

Djiwandono, J.S. & Nesadurai, H.E.S. (2009). Southeast Asia in the global economy: Securing competitiveness and social protection. Institute of Southeast Asian Studies. Retrieved from OverDrive. (myLibrary ID is required to access this ebook.)

4. From global to local: The making of things and the end of globalization

Livesey, F. (2017). From global to local: The making of things and the end of globalization. Knopf Doubleday Publishing Group. Retrieved from OverDrive. (myLibrary ID is required to access this ebook.)

Chinese, Malay and Tamil Resources

1. 社论：全球化受困围城

社论：全球化受困围城。（2020年3月25日）。联合早报。Retrieved 2020, June 3 from https://www.zaobao.com.sg/zopinions/editorial/story20200325-1039933

The breakdown of supply chains caused by the COVID-19 pandemic has forced many countries to re-think self-sustainability instead of relying on global supply chains.

2. 莫让全球危机变为“全球化”危机

Vaeth, H. (2020年6月1日）。莫让全球危机变为“全球化”危机。中国银行保险报网。 Retrieved 2020, June 3 from https://m.investgo.cn/article/gb/fxbg/202006/489188.html

The COVID-19 pandemic has demonstrated how risks and opportunities are present in a connected world. The writer puts forth the view that multilateral collaboration is still required to fight the current and future epidemics. This will include stabilising economic activities and maintaining global supply chains.

3. Pakar ramal ekonomi Singapura meleset -7% tahun ini.

Pakar ramal ekonomi Singapura meleset -7% tahun ini. (2020, May 5). Berita Mediacorp. Retrieved 2020, June 12 from https://berita.mediacorp.sg/mobilem/kewangan/pakar-ramal-ekonomi-s-pura-meleset-7-tahun-ini/4441850.html

This article predicts that, as an open economy, Singapore will go into economic recession this year.

4. Singapura pangkas lagi target pertumbuhan ekonomi karena Corona.

Singapura pangkas lagi target pertumbuhan ekonomi karena Corona. (2020, May 26). detikfinance. Retrieved 2020, June 15 from https://finance.detik.com/berita-ekonomi-bisnis/d-5028457/singapura-pangkas-lagi-target-pertumbuhan-ekonomi-karena-corona

Singapore has cut down its economic growth projection due to the COVID-19 pandemic.

5. கொரோனா கிருமி பரவல் எதிரொலி: பயணத்துறை பெருமளவு பாதிக்கப்படலாம்

கொரோனா கிருமி பரவல் எதிரொலி: பயணத்துறை பெருமளவு பாதிக்கப்படலாம். (2020, February 12). Tamil Murasu. Retrieved 2020, June 15 from https://www.tamilmurasu.com.sg/

Due the disruptions caused by COVID-19, it is expected that tourism in Singapore will be heavily affected.

Disclaimer/ Rights statement
The information in this resource guide is valid as of June 2020 and correct as far as we are able to ascertain from our sources. It is not intended to be an exhaustive or complete history on the subject. Please contact the Library for further reading materials on the topic.
All Rights Reserved. National Library Board Singapore 2020.

References

¹ Yergin, D. (2002). “Globalization: The inside story of our new interconnected world.” Social Education, 66(2), p. 111. Accessed 2020, June 18.

² Covid-19 should make Singapore look at globalisation and food security differently. (2020, April 15). Today. Retrieved 2020, June 18 from https://www.todayonline.com/commentary/covid-19-should-make-singapore-look-globalisation-and-food-security-differently; Singapore and 12 other countries pledge to maintain global trade and travel links amid COVID-19 pandemic. (2020, April 18). CNA. Retrieved 2020, June 18 from https://www.straitstimes.com/singapore/singapore-and-12-other-countries-commit-to-maintaining-global-links-amid-covid-19-pandemic; Ministry of Foreign Affairs Singapore. (2020, April 18). Declaration of the Ministerial Coordination Group on COVID-19 on Maintaining Essential Global Links [Press release]. Retrieved from https://www.mfa.gov.sg/Newsroom/Press-Statements-Transcripts-and-Photos/2020/04/18042020-Ministerial-Coordination-Group-on-COVID-19; Coronavirus is ‘a serious crisis’ for Singapore, says deputy prime minister. (2020, March 29). CNBC. Retrieved 2020, June 18 from https://www.cnbc.com/2020/03/30/coronavirus-is-a-serious-crisis-for-singapore-deputy-prime-minister.html;