ECONOMIC GROWTH AND POVERTY REDUCTION

Abstract

Economic globalization refers to the extensive international movement of goods, capital, services, technology and information. Economic integration increases national, regional and local economic interdependence around the world by increasing the movement of goods, services, technology and capital across borders. Economic globalization mainly includes the globalization of production, finance, markets, technology, organizational regimes, institutions, businesses and people. Economic globalization has expanded since the advent of transnational trade, which has grown at an accelerated pace due to the advancement of long-distance transportation, advances in telecommunications, and the development of science and technology. The degree of globalization has also increased under the General Agreement on Tariffs and Trade and the World Trade Organization, where countries are progressively lowering trade barriers and opening their checking and capital accounts. This recent boom has been largely supported by developed economies through foreign direct investment, lower costs of doing business, reduced trade barriers and, in many cases, cross-border migration.