The point is that the benefits of economic integration over time far outweigh the costs. Singapore might be headed for minus 5 percent growth this year due to the very high share of exports (of trade services among other things) in its national accounts. But, like the rest of Asia, it has enjoyed double-digit year-on-year export growth for much of the last decade. Whose future is more bankable in a recession? Economies with a high trade-to-GDP ratio or isolated, ‘basket-case’ economies (like North Korea or Laos or Moldova)?
Peter Gallagher is a leading Australian consultant on trade and public policy.[bio].
"I can help you with strategies for, and analysis of, international markets, law and regulations, trade agreements, export policies, import restrictions… I also offer reports, conferences and master-classes for government officials and industry associations on international trade research."
Email: Peter Gallagher