countries across the globe are reevaluating the balance between global trade and sustainable practices — and Singapore is doing very well. Singapore ranked third in the annual Hinrich-IMD Sustainable Trade Index , which measures how 30 major trading economies are geared for long-term economic growth, environmental protection, and societal development. Ranked third overall with a score of 94.
The index also highlighted the trend towards “slowbalization”, which refers to slowing trade reform and weakening political and policy support for measures that open trade while geopolitical tensions have been rising. “As a response to an increasingly fragmented world, evidence from the STI shows a deterioration across key economies in non-tariff barriers and trade costs this year compared to 2022.
With global trade challenged by geopolitical and health issues, the work of streamlining supply chains and reducing costs has become paramount, even at the expense of social or environmental considerations in global trade. Our index sheds light on how this trade-off is being played out.”
Source: Digital Coin News (digitalcoinnews.net)
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