Rises & falls on E&Y’s Globalization Index
A contrast of angles today on the topic of ‘most globalized economies relative to GDP’: Malaysia’s Business Times opens with that country’s improvement from 33rd to 27th place on Ernst & Young’s Globalization Index, while Channel NewsAsia laments Singapore’s drop from first place to third.
The index gives the world’s top 60 economies scores out of 10 on issues such as trade openness, labor movement, exchange of ideas and technology, and capital flows. As tends to happen in these lists, versatile city-states and smaller countries ranked high with Hong Kong and Ireland taking the two top positions. Malaysia’s #27 ranking is respectable for a country its size, putting it a hair under Australia at #26 with the same aggregate score, and the United States at #28.
Malaysia’s best scores were on trade and capital movements, but lower on labor movements and exchange of ideas and technology. Singapore’s slip was also due to labor and technology issues, with slightly lower net migration and trade in R&D relative to GDP. Despite the different reception to the results, Ernst & Young has predicted that most countries on the list will continue to improve their overall scores between now and 2014, as emerging countries continue to shine and the global economic situation improves.
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