How can we respond to the economic impacts of globalisation?

G2 Social Studies - syllabus K230 (Social Studies component), 2027

How globalisation affects growth and jobs, why some people gain while others lose out, and how government and individuals can respond.

• Economic growth

  Globalisation can help an economy grow by giving it overseas customers, foreign investment and new technology.

• Economic vulnerability

  Relying on other countries for customers, supplies or investment means problems abroad can hurt the economy at home.

• Employment opportunities

  Globalisation can create jobs at home and open up work with overseas companies and clients.

• Employment challenges

  Globalisation can also cost jobs, as firms face overseas competition or move work abroad.

• Government support for opportunities

  Governments help firms and workers make the most of globalisation through trade agreements, infrastructure and help to reach overseas markets.

• Government help during economic change

  Short-term help cushions people and firms through hard times, while training helps them adapt for the future.

• Acquiring knowledge and skills

  Learning and using new skills helps people adapt to changing work, but it does not guarantee a job.

• Briefing: artificial intelligence and jobs

  AI can replace some tasks and make other workers more productive. Workers who keep learning are more likely to gain than lose.

• Briefing: trade tensions and tariffs

  When big economies raise tariffs on each other, a trading country like Singapore feels it through slower growth, even if its own tariff is low.

• Briefing: talent flows, brain drain and brain gain

  Skilled people move between countries for work. Singapore competes for global talent while trying to make sure Singaporeans also benefit.

• Put it together: Orders from abroad fall

  An animation studio earns most of its income from one overseas streaming company. That client cuts its orders, and the studio is considering reducing staff. A public agency has a limited support budget. Compare what each response changes.