By Danial Norjidi

Globalisation Index: Brunei jumps 38 places

Article from Borneo Bulletin. Published on Tuesday Mar, 22 2011

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Brunei Darussalam has made the biggest jump among all countries in a Globalisation Index, jumping up 38 places to be ranked 68th out of the 186 countries surveyed.

This was announced in a recent press release from the KOF Swiss Economic Institute, which revealed the results of their KOF Index of Globalisation 2011 survey.

Brunei is the highest climber with its rise to 68th in the KOF Index of Globalisation, which measures the economic, social and political dimensions of globalisation.

In the survey, Brunei is also ranked 152nd in Economic Globalisation, 42nd in Social Globalisation and 138th in Political Globalisation, as apposed to 150th, 44th and 179th respectively in 2010.

Singapore leads the Economic Globalisation rankings, followed by Luxembourg, Ireland, Malta and Belgium, all of which are described in the release as being "quite small, open economies".

In Social Globalisation, Switzerland, Austria, Belgium and Canada continue to top the rankings, while France, Italy, Belgium, Austria and Spain comprise the top five countries under Political Globalisation.

"The current analysis, which applies to 2008, shows the consequences of the financial and economic crisis. The crisis is clearly visible in the results of the current KOF Index of Globalisation: a falling trend in economic and social globalisation. Only the third component of the Index of Globalisation - political globalisation - has continued undiminished," the press release said.

It states that there has been a progressive upward trend in globalisation in the developing and emerging countries in Eastern Europe and Central Asia in recent years, though the Index of Globalisation 2011 now shows that this trend stagnated in 2008.

It also states that the extent of globalisation is highest in Eastern Europe, Central Asia, the industrial nations and in Western Europe, though the latter two "have been stagnating for quite some time".

In East Asia and the Pacific, the globalisation process moves sideways, while the Middle East and North Africa are showing a higher level of globalisation again after falling down the list in the previous year's index.

The KOF Index can be used to observe the change in globalisation in a large number of countries over a long period of time, and the index is now available for 186 countries for the period of 1970-2008 and comprises 23 variables.

According to the release, the reason for the survey to be based on information from this period is that "these are the most recent data available for the underlying variables. At the beginning of each year, the KOF Index of Globalisation is updated by one year".

In terms of methodology, the economic dimension of the KOF Index measures an actual trade and investment volume as well as the extent to which countries apply trade and capital movement restrictions to protect their own economies.

The social dimension of globalisation reflects the extent of the dissemination of information and ideas, whereas the political dimension shows the degree of political cooperation between ideas.

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