Perspective - (2023) Volume 11, Issue 3
Received: 01-May-2023, Manuscript No. economics-23-102300;
Editor assigned: 03-May-2023, Pre QC No. P-102300;
Reviewed: 15-May-2023, QC No. Q-102300;
Revised: 20-May-2023, Manuscript No. R-102300;
Published:
27-May-2023
, DOI: 10.37421/2375-4389.2023.11.405
Citation: Yitirla, Redalini. “Globalization and its Effects on Economic Development.” J Glob Econ 11 (2023): 405.
Copyright: © 2023 Yitirla R. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
The effects of globalization on economic development have been both positive and negative. Globalization has paved the way for new markets, enhanced trade and investment, and fostered cross-border technology and knowledge transfers. These developments have contributed to greater economic growth, improved productivity, and job creation in numerous areas worldwide. However, globalization has also given rise to intensified competition, income disparity, and environmental damage in certain regions. This article will not only analyse the positive and negative impacts of globalization on different regions and industries, but we will also discuss the strategies that governments and businesses can use to adapt to and take advantage of a globalized economy.
Undoubtedly, globalization has generated both favorable and adverse effects on economic development. To capitalize on these outcomes, governments must adjust and seize the opportunities presented by a globalized economy. There are several strategies that governments and businesses can implement to adapt to and take advantage of a globalized economy, such as investing in education and training, diversifying industries, developing infrastructure, supporting Small and Medium-sized Enterprises implementing environmental and social standards, promoting foreign investment, and finally promoting networking and collaboration.
Globalization has brought about a range of both positive and negative impacts on economic development in a variety of regions and industries. Governments and businesses need to adapt to and take advantage of a globalized economy while also ensuring that they can balance the opportunities and challenges of globalization for economic development [1-3].
Balancing the opportunities and challenges of globalization for economic development is essential for taking advantage of the opportunities of globalization while also mitigating its negative impacts on society and the environment. This balance will require a comprehensive approach that addresses the various aspects of the globalized economy002EGovernments and businesses must utilize a comprehensive approach that prioritizes inclusive economic growth, fosters innovation and technological advancements, promotes sustainable development, focuses on international cooperation, invests in education and skills development, and implements effective regulatory frameworks [4].
Economic growth has long been considered as a central macroeconomic goal of economic policy, and thus, a substantial body of research has been performed over the years to explain how this goal is successfully accomplished. Though South AsianFootnote1 countries still stay behind than of world benchmarks based on most economic and social indicators, according to the average annual growth of, the South Asian region experiences an average 5.4% annual growth, while the world average is over the recent five decades. Most interestingly, the performances of the South Asian economy during have been quite impressive as the average growth has been increased to per annum, while the world average is decreased the predicts that South Asia’s economy as a whole is anticipated to rise to progressing. With a combined population of about billion or about one-fourth of the world’s population, South Asia consolidates its position as the global leader in economic growth, and the forces that determine such economic growth are worthy of investigation.
Investigations related to economic growth may be approached from different perspectives; however, this study focuses on globalization and its impact on economic growth. Though the term ‘globalization’ was introduced in the early 1980s, its historical roots run deep. Over the past few decades, globalization has become a frequently used word in the political economy but, so far, there is no consensus on a single definition of it. Globalization is an old phenomenon with a new appearance and usually defined as an expansion of global linkages among nations. According to “Globalization, a dominant force in the 20th century’s last decade, is shaping a new era of interaction among nations, economies and people. It is increasing the contacts between people across national boundaries in economy, in technology, in culture and in governance. Globalization is the acceleration and intensification of interaction and integration among the people, companies, and governments of different turns out to be a multidimensional concept as it covers a lot of areas, such as economic, political, and social areas [5].
The globalization of the economic, social, and cultural structures happened in simultaneously. Previously, the pace of the process was slow but now the change is happening in every arena at lightning-fast speed with the use of information technology. Globalization has resulted in an increase in the production of a range of goods and services. MNCs have established manufacturing plants all over the world. It has positive effects on India and the administration is trying its best to overcome many obstacles and adopt global policies to expand business an international scale.
None.
There are no conflicts of interest by author.
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