Singapore Leads Global Connectedness: Insights from DHL Global Connectedness Report 2024
In the latest DHL Global Connectedness Report 2024, Singapore emerges as the world’s most globalized country, reaffirming its pivotal role in international trade and connectivity.
The report, conducted in collaboration with New York University’s Stern School of Business, offers a comprehensive analysis of globalization trends, tracking flows of trade, capital, information, and people across 181 countries and territories.
Here are the Key Findings of the comprehensive report:
Singapore secures the top position in the global connectedness ranking, demonstrating extensive international flows relative to its domestic economy.
“Singapore has invested heavily in strengthening our physical and digital connectivity to the world because trade is our lifeblood. We continue to enhance our connectivity and trade links to remain a critical and trusted node in global supply chains, facilitating international trade and flows of capital, information, and talent,” said Ih-Ming Chan, Executive Vice President, Singapore Economic Development Board.
Hong Kong joins Singapore in the top 10 most connected markets, highlighting the region’s prominence in global trade and connectivity. “We continue to see the resilience of globalization, and its profound impact on cross-border trade between Asia and the rest of the world,” commented Ken Lee, CEO for Asia Pacific, DHL Express.
Despite global shocks such as the Covid-19 pandemic and geopolitical conflicts, globalization has reached record highs, with trade growth playing a crucial role.
“We firmly believe that globalization is a powerful force that has huge potential to reinvigorate economic growth. We will leverage our global network to boost interconnectivity and enhance opportunities for our customers,” added Ken Lee.
The globalization of information flows remains strong, with corporations expanding their international presence and sales abroad. “The evidence strongly rebuts the notion that the growth of global flows has gone into reverse,” noted Steven Altman, Senior Research Scholar and Director of the DHL Initiative on Globalization at NYU Stern’s Center for the Future of Management.
Contrary to predictions of regionalization, the report highlights stable or longer-distance international flows, with most international trade occurring beyond major geographic regions.
“Deglobalization is still only a risk, not a current reality,” said Steven Altman.
Singapore’s leadership in global connectedness reflects its strategic investments in physical and digital connectivity, positioning itself as a vital node in global supply chains. As globalization continues to evolve, fostering international trade, cooperation, and digital connectivity will be essential in driving economic growth and prosperity on a global scale.
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The report and further resources are available at dhl.com/globalconnectedness .DHLExpress #GlobalConnectednessReport #Globalization
New York University Stern School of Business , located in the heart of Greenwich Village and deeply connected to the City after which it is named, is one of the United States’ premier management education schools and research centers. NYU Stern offers a broad portfolio of transformational programs at graduate, undergraduate, and executive levels, all of them enriched by the dynamism and profound resources of one of the world’s business capitals. www.stern.nyu.edu .
