Even though globalization affects the world's economies in a very positive way, its negative side should not be forgotten. Dicuss

Over the

last

few decades,

globalization

has been gradually infiltrating virtually all

countries

across the globe. Despite the fact that the world's economy is accelerating positively, I think it is important to take into account its disadvantages in the long run. On the one hand,

globalization

has a positive impact on human life. The local economies have many opportunities to improve the quality of their products and diversify their origins through technological advances.

Furthermore

, the majority of labour, markets, and minerals are being used solely for economic growth.

For example

, some win-win cooperations allow multinational companies to reap large profits at lower tax rates and cheaper investment expenses. Modern management skills and equipment are available for developing

countries

, thereby contributing to the expansion of national economies.

On the other hand

, it is believed that domestic goods may not survive for long, affecting many local businesses adversely. Richer

countries

have the opportunity to utilize the market and become more prosperous.

Further

,

globalization

poses another serious threat by way of epidemic diseases, including the Coronavirus, which is becoming rampant in many regions. Due to the industry of commodity trade and the vast number of tourists who visit the area, the disease can spread very easily. In

this

regard,

globalization

can have some disadvantageous effects on economic development. In conclusion,

globalization

plays a significant role in driving the economies of almost all

countries

that have reached full development and are ready to compete in the world market. Yet, it has adverse effects on the economic and labour market development of industrialized nations as a whole.