Globalization refers to the increasing interconnectedness of economies, cultures, and markets across the world. It’s driven by technological advances, trade liberalization, foreign investment, and the rise of multinational corporations. While globalization has boosted economic growth and lifted millions out of poverty, it also brings complex challenges — particularly for local economies.
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On the positive side, globalization has allowed countries to specialize in what they produce best, increasing efficiency and lowering prices. Consumers benefit from a wider variety of goods, often at reduced costs. Businesses gain access to global markets, talent, and innovation. For developing countries, foreign investment brings jobs, infrastructure, and technology.
