How has Globalization affected economic development?
Globalization has positively affected economic development all over the World. Most poor countries that started proceeding towards globalisation have witnessed faster economic growth, reduction in economic poverty, growth of employment, rise in living standards. World economic growth has been consistently high since the pace of globalisation gathered momentus in the last decade. The advance economies have been able to maintain low rates of inflation and decent rates of economic growth even at the very high levels of GDP they enjoy per capita. However, with BPO and unabated high consuler spending, advanced open economies increased their imports from developing and poor countries, resulting in high growth of employment and output in such countries, though employment growth was slightly hurt in countries like the USA. With globalisation, technology and capital transfers to emerging countries with low incomes like China, India, Sril Lanka, Pakistan, Vietnam, Russia, Poland, Brasil, Egypt a
