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
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.
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.)
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.
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.
கொரோனா கிருமி பரவல் எதிரொலி: பயணத்துறை பெருமளவு பாதிக்கப்படலாம். (2020, February 12). Tamil Murasu. Retrieved 2020, June 15.
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.
Yergin, D. (2002). “Globalization: The inside story of our new interconnected world.” Social Education, 66(2), p. 111. Accessed 2020, June 18.> ↩
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.channelnewsasia.com/news/singapore/singapore-covid-19-ministerial-coordination-group-trade-travel-12654984; 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> ↩