Globalisation:Winners and Loosers

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The world is a small place and globalisation is making it more smaller,even in the face of conflict and chaos.Conflict in the Middle East,nuclear stalemate between Iran and the West,hike in oil prices,collapse in the Doha round of trade talks all suggest a world that has gone off the rails.However,globalisation still has much to offer.International trade is growing faster enough to touch the double digit.Asia and the Middle East recorded the fastest growth contributing to record levels of growth of international tourism.Internet spread at a higher pace,leaving the growth of telephone contacts at a slower pace.Singapore is the most globalised country followed by Australia,Switzerland and Ireland.According to globalisation expert in less than 40 years the economies of Brazil,Russia,India and China could be larger than the G6 in US dollar terms.China's trade volume has surpassed that of Japan in 2004.It has become the third largest trading nation behind the United Nation and Germany.Thus the waves of globalisation kepps on encircling the globe.