Singapore As A Financial And Transportation Hub And A Global Commerce

887 Words4 Pages
Introduction:
Singapore, located in Southeast Asia, has a population of 5.39 million people. It’s land area stretches to 716.1 km2, with a high population density of 7615 per km2 (World Bank, n.d.). Singapore serves as a financial and transportation hub and a global commerce. Its economy is known for being the free, innovative, competitive, and business-friendly. It integrated itself in many economic sectors including financial services (fourth-leading financial centre), manufacturing, oil-refining (third-largest oil-refining centre).
By the end of the 20th century, Singapore has shifted from a setting up a nation-state into a developed and global city. The city built a competitive economy through the influx of migration (Armaldas, 2009). In fact, Singapore was ranked, right after London and New York, as the third most competitive city in the world by the Economist Intelligence Unit’s Global City Competitive Index. The qualification was based on 8 different categories that shaped a competitive city; from the 8, Singapore ranked number one in ‘financial maturity’ and ‘physical capital’ (Yew, 2014). Due to the continuing competitiveness between Singapore and the neighboring cities and countries, including China and India, the Singaporean government has been working and reconstructing their economic foundation to hold on to its title ‘East Asia’s primary hub’ (Armaldas, 2009). My paper aims to indicate what makes Singapore a global city through the influences of globalization
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