0
The simplest answer I can think of is that if the western or global economy declines in output (lands in recession), that for the most part countries will also decline in gross domestic product (answer) . Because output decreases in a different country whom you are trading with, exports from that country will decrease since output has declined, and imports from that country will decline since they are raking in less revenue. This has a domino effect on all countries that they are trading with. The significance of this kind of fall depends on how much that country imports/exports. If a country like Germany or China exported less it would be devastating to the global economy and our national economy would be really bad to say the least. (explanation) So the status of our economy heavily depends on the global economy because of trade.
What else can I help you with?
What is borderless economy?
Globalization. World as a whole is treating as a single economy. There is no borders/restrictions between countries for economic activities.
Globalization of the economy has hurt which category of the us population?
Economy
'Globalization and the future of the Indian economy'?
potty
What are some recent articles about globalization and its impact on the economy and society?
Recent articles on globalization and its impact on the economy and society include "The Globalization Paradox: How Globalization is Affecting Income Inequality" by The Economist, "Globalization and Its Discontents: Challenges and Opportunities for Developing Countries" by The World Bank, and "The Social Impact of Globalization: A Critical Perspective" by The Journal of Economic Perspectives.
What is the interdependence of the global economy generally called?
globalization
Does globalization reduce national sovereignty in economic policy-making?
No, globalization does not reduce national sovereignty in economic policy making. In fact, globalization has been shown to strengthen incentives for governments to create a stronger economy.
What is borderless economy?
Globalization. World as a whole is treating as a single economy. There is no borders/restrictions between countries for economic activities.
Globalization of the economy has hurt which category of the us population?
Economy
'Globalization and the future of the Indian economy'?
potty
What are the Effects of globalization on Brazil economy?
nothing
What are some recent articles about globalization and its impact on the economy and society?
Recent articles on globalization and its impact on the economy and society include "The Globalization Paradox: How Globalization is Affecting Income Inequality" by The Economist, "Globalization and Its Discontents: Challenges and Opportunities for Developing Countries" by The World Bank, and "The Social Impact of Globalization: A Critical Perspective" by The Journal of Economic Perspectives.
What is the interdependence of the global economy generally called?
globalization
What is globalization in economics?
It is the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, the spread of technology, and military presence.
What are the Major interest groups in the world economy in globalization?
i think mulitinational companies and the nation of interest is a player in globalization
What is the relation between globalisation and imperialism?
Through globalization, a country is dictated by the turnarounds of free market economy. Imperialism is the aggresive form of conquering a country with mighty power. It became a proverb that the sun of British imperialism never sets. However, during the last century ,we find a declination in imperialism. So, there is no relationship whatsoever between the two.
What is the impact of globalization on developing countries?
Globalization helps developing countries by creating jobs, and sending money into the economy of that developing country.
How is the trade relation between India and asean?
The trade relation between India and ASEAN has been functioning positively, although some people worry that in the long run it will have a negative impact on Indian economy.
