Costs and benefits of trade

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)?

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