SOCIO-ECONOMIC DEVELOPMENT IN DEVELOPED AND DEVELOPING COUNTRIES UNDER GLOBALIZATION: ESSENTIAL DIFFERENCES

Abstract

Globalization is a process, which means the interrelationship of national economies across the whole world in affairs such as labor, trade, investment and the movement of services, goods and people with their knowledge and traditions. The phenomenon of globalization progresses all the time and involves total fields of the country. It can be claimed that every matter has its own advantages and disadvantages, globalization is not an exception. Because of these reasons, the study compares economic globalization, which manifests itself differently depending on the effects of globalization. Therefore, research objective – impact of globalization on strong and weak states of economic processes. Research objective – to analyze the contact of globalization on economic growth. Continuing, empirical research has chosen to investigate the interaction of some economic factors with real GDP, which is one of the main economic indicators characterizing the country’s economic development. The main idea in the future – to include as many economic factors as possible in the study in order to achieve more accurate results.