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What are the effects on developing countries of integration into the global economy - Essay Example

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This has in turn led to improvements and availability of goods and services throughout the world. Today, many economies are thriving from globalization because of the ability…
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What are the effects on developing countries of integration into the global economy
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Download file to see previous pages However, there are many challenges experienced with the global integration of the economy. The developing countries are the most affected because of the competition, unequal economic strength, and level of developments. Their level of growth is not same as the first world nations making third world nations lag behind in terms of infrastructure provisions among other things. Hence, developing nations experience stiff competition from the developed nations that has sophisticated equipment and tools of the trade to leverage them. Moreover, the integration of the developing nations into the world economy creates imbalance owing to the nature of industrialization in the first and third world countries. Therefore, developing countries are harmed by the integration of the global economy because they have very little to offer on the global market compared to the developed nations. The rest of the paper will examine the effects of integrating developing countries into the global economy.
The integration of third world nations into the global economy has facilitated the flow of capital from the developed or middle economic nations to the developing world countries (CEPAL 2). Today, many third world nations have developed economic trade ties with major drivers of world economies that have seen the flow of capital. Before the integration, developing countries had no option of getting circulating funds because of their insignificance in terms of contribution and share in the global economy (CEPAL 3). Similarly, many developing nations are receiving cash flow in terms of grants, soft loan, and donation, which help in steering development projects. Different oversea agencies such World Bank among others assist the developing nations in overcoming their financial challenges as well as initiating development projects.
However, the increased capital flow does not only contribute to ...Download file to see next pagesRead More
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