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Kosovo And Globalization Essay

750 Words3 Pages

The term “Globalization” has been in existence for the past 50 years. It is one of the major causes of the increase in international trade. The Oxford Dictionary defined Globalization as “the process by which businesses or other organizations develop international influence or operate on an international scale”. It is a phenomenon that has been in the front burner for several years. Certain individuals opine that it serves as an advantage for the developing countries to compete in the global market while others were of the opinion that it favors the developed countries by making them richer (Giddens, A. 1999). Due to these debates, it can be said that globalization has its negative and positive sides. This essay will focus on how globalization …show more content…

According to the World Bank (2014), about 45% of the population are living below the official poverty line and 17% are “extremely poor”. It has experienced a lot of economic crunch. In 2008, Kosovo declared its independence from Serbia. After the independence, it started operating a free-market economy and became a member of the World Bank, the International Monetary Fund and European Bank for Reconstruction and Development (World Bank, 2014), which has enabled it to experience a steady economic growth. During this period, it was discovered that it had the potential of becoming a better economic society in the nearest future due to low government debt and a sound banking system (IMF, …show more content…

Prior to the introduction of globalization in Kosovo, the economy was weak and known worldwide for having one of the worst business environments in Europe which prevented the growth of foreign investments in the country. However, post-globalization, the country has maintained a sound banking system attracted more foreign investors to the economy. In terms of technology, a considerable number of communication companies are operating in Kosovo. These include companies such as: Vodafone, AMC, Eagle Mobile, Konad, Net and One, these companies have helped to create an economic and technological improvement in Kosovo (Selimi,

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