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Singapore was the leading country in the Globalization Index 2024 in the field of economic globalization. The 2024 edition of the index uses data from the year 2022. Belgium and the Netherlands followed in the places behind. 

The era of globalization

The beginning of the current era of increasing economic globalization was signaled by the creation of the Bretton Woods institutions toward the end of the Second World War. These institutions acted as the foundation for the International Monetary Fund, World Bank and World Trade Organization. The institutions, and their modern equivalents, sought to reduce the barriers on international trade in goods, services and capital markets. In the decades following their inception international trade has skyrocketed to become a cornerstone of the international economy, as demonstrated by trends in global export volume of trade in goods from 1950.

Economic globalization

Countries that are perceived as more economically globalized are those with low tariffs on imports, more free-trade agreements, regulation that accommodates foreign investment and lower non-tariff barriers to trade such as safety regulations on imports. However, economic globalization fails to capture the entire picture in regards to globalization processes and their impact on countries. As such, analysts have placed attention on the social and political effects on globalization as seen in the index for social globalization and index for political organization. To see the combined results of the multiple globalization indexes see the Top 100 countries in the Globalization Index.