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What is the impact of globalization on businesses in developing countries? - IELTS Speaking Part 3

visibility 493 views calendar_month Jan 2, 2024
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Answer: The impact of globalization on businesses in developing countries can be both positive and negative, as it can create new opportunities for growth and innovation, but also expose them to risks and challenges of competition, inequality, and exploitation. Reason: Globalization refers to the integration of markets, technology, and culture across borders, and can affect businesses in developing countries in various ways, such as by opening up new markets, attracting foreign investment, and promoting technology transfer and knowledge sharing. However, globalization can also increase the vulnerability of businesses to economic shocks, environmental degradation, and social conflicts, and can exacerbate inequalities and power imbalances between developed and developing countries. Example: For instance, a business in a developing country may benefit from access to global supply chains, international trade agreements, and cross-border collaborations that enable it to increase productivity, reduce costs, and enhance innovation. However, the business may also face challenges such as currency fluctuations, intellectual property theft, or human rights violations, especially if it operates in a low-regulation or high-risk environment. Alternative: However, different businesses in developing countries may have different experiences and outcomes of globalization, depending on their industry, size, location, and strategy. Moreover, the impact of globalization on businesses may also depend on the broader social and political context, such as the role of the government, civil society, and international organizations in promoting sustainable and inclusive development.
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