Question

Explain the impact of globalization on developing countries.

Answer 1

1. Globalization has had a mixed impact on developing countries. It has boosted economic growth by opening access to international markets, increasing exports, foreign investment, and job creation.
2. However, it has also created challenges, such as increased competition that can hurt local industries and widen income inequality.
3. Additionally, globalization has influenced cultural changes, sometimes eroding traditional values, while environmental degradation has occurred due to the over-exploitation of natural resources.
4. Overall, globalization has brought both opportunities and difficulties for developing nations.