International Journal of Applied Research
Vol. 7, Special Issue 7, Part B (2021)
Economic Globalization: It’s Development
Economic Globalization is one of the main components of the process of globalization. It has helped in reducing the trade barriers and various other hindrances with the help of some international organizations. Due to economic globalization, the world can connect with each other, it has improved the communications methods, transportation, technologies around the world, know-how, etc. There are some forces that boost the process of economic globalization like the various economic reforms been introduced in countries, the multinational companies whose network is spread around the whole world, the advancements in technology and know-how. These forces have not only led to an increase in the pace of globalization but also help in the restructuring of the global industries. Globalization has also resulted in increasing world trade, the imports and exports of goods and services around the world. Due to the increase in global trade, the foreign currency flows from one place to another which helps the countries to improve their economic growth. Globalization has increased its span in the 21st century as compared to its success in the past century. It has a positive as well as the negative effect on the global economy. It helps in the economic growth of the companies but the economic growth is usually unequal, the developed countries usually are more benefited than the developing and the underdeveloped countries. It is important that the world must unite to fight the common enemies we face, like the pandemics, the wars, the environmental problems, etc. with the help of economic globalization. The GDP of the whole world is increasing as well as the GDPs of all the countries.