Positive And Negative Effects Of Globalisation

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Globalisation as a process has brought about significant economic growth around the world. It is responsible for seamless change of ideas, cultures, business model (internationally and locally) and underscores the need to form association or alliances to protect economic and political interest (Africa Union, European Union etc ) . Interestingly the same way the positive effects of globalisation trickles downs across the globe so also the negative effect to every economy of the world. In 2007 through 2009, the global economy witnessed a recession. The financial crunch started in US Housing market price collapse , the attendant effect on the global market cascaded to both developed ( Greece economy inclusive ) and under developed countries of the world, leading to loss of jobs, and loss of confidence in the global financial system. Greece economy has sets of fantastic financial data and by classification it is a developed economy. According to Wikipedia, Greece economy is the 45th largest economy in the world by Nominal Gross Domestic Product (GDP) and 51st largest in the world by purchasing power parity ranking. The economy is predominantly a service based accounting for c.82.3% to the GDP , another 13.3% is credited to Industry while Agriculture contributes about 3.90% . The economy has been going through a sustained hard times recently, traceable to fall out of the global financial crunch which started in the US, gross mismanagement of resources, fiscal

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