Impact of globalization on the world economy With the continuous development of globalization, the world economy is undergoing tremendous changes. The impact and changes brought about by globalization are multifaceted and involve various fields such as economy, trade, investment, science and technology, culture and so on. 1.Globalization promotes the development of international trade Globalization has made international trade an important part of the world economy. By lowering tariffs, removing trade barriers and promoting trade liberalization, globalization has contributed to the growth of international trade. Increased trade flows between countries and significant increases in the mobility of goods and services have contributed to the optimal allocation and efficiency of global resources. At the same time, globalization has also promoted the formation of global supply chains, and various countries have formed close cooperative relationships in production, processing, and distri...
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