Singapore secures top spot in global connectivity rankings

Singapore freight forwarders – Star Concord

Singapore has secured the No.1 ranking, as DHL and New York University’s Stern School of Business released the Global Connectivity Index for 2024 in New Delhi India. 

Marking its tenth anniversary, the index has been regarded as a highly trusted comprehensive analytical report for the assessment of global trade. 

 Launching the report, John Pearson, CEO DHL Express, stated: “The most recent findings of the DHL Global Connectedness Report unequivocally dispel the notion of globalisation reversing course. Globalisation is an influential force that has profoundly reshaped our world. Expanding markets and fostering opportunities empower individuals, businesses, and entire nations to flourish in unique ways. Embracing globalisation allows us and our customers to forge a promising future, fostering an increasingly interconnected world, more prosperous for all and poised for further growth.”

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Trade stays strong

The report revealed that global trade has been at its record high despite the lingering effects of the pandemic and geopolitical crises. 

Globalisation peaked at a record high in 2022, remaining steady in 2023 despite the challenges witnessed over a decade such as Covid-19, the Ukraine – Russia conflict and war in Gaza, the thining US-China relationship, and the UK’s exit from the European Union. 

Steven Altman, Senior Research Scholar and Director of the DHL Initiative on Globalisation at NYU Stern’s Centre for the Future of Management, highlighted how “deglobalisation is still only a risk, not a current reality. Geopolitical threats and policy shifts have led many to predict a fracturing of the world economy along geographic lines, or even a retreat from international to domestic business. However, the latest data still show that international flows are growing and very few countries are cutting ties with their traditional counterparts. It is important to recognise the resilience of global flows because a lopsided focus on the threats to globalisation could make deglobalisation a self-fulfilling prophecy.”

The report further asserted that the world’s absolute level of globalisation remained limited and domestic flows still exceeded that of international flows. The depth of global connectedness is only 25% on a scale from 0% to 100%, comprising no flow versus no significance of national borders.

The report further showed strong evidence that the growth of the global flow has been reversed, with trade growth playing a crucial role in boosting global connectedness, thus adding the share of global output trade internationally and forecasting acceleration in the year 2024.    

The global information flow has been promisingly strong over the past two decades despite latest data exhibiting the stall positioning in their growth, which is due to a lack of research collaboration between the US and China. However, corporate globalisation is on rapid rise with international expansions and sales closures overseas. 

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India’s position

India continued its climb from the previous year, securing the 62nd spot, with its “market share” the highest among similar countries in South Asia, the Middle East, and Africa. 

Addressing his view on the release of the report, RS Subramanian, SVP South Asia, DHL Express outlined: “While India’s global connectedness ranking reflects its current economic standing, the report makes it clear: the world can expect to see India’s international engagement increase manifold in the years to come. We foresee immense potential for deeper global integration for India, and in fact, our domestic economic boom is an opportunity for even greater international collaboration. India’s trade ties are poised for significant expansion.” 

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Author: Ajinkya Gurav