JONG, KRISSHA MAE C.

LFCA133A050

ACTIVITY 6: Economic Impact of Globalization

The process of globalization over the years has had significant economic impacts on every country
worldwide. Due to the rise of technology and the evolving trading system, globalization has increased
our country's Gross Domestic Product (GDP), which has been actively participating in global trade. This
allowed us to specialize our goods and services where we have a comparative advantage, resulting in
increased productivity and higher economic growth rates. It has also expanded global market access for
our country, enabling us to export our products and attract foreign investment due to greater
international trade and investment flows. New jobs are created because of globalization in sectors like
manufacturing, services, and information technology. Encouraging entrepreneurship and bringing in
foreign direct investment has helped many communities experience economic progress.

My family has also been experiencing the positive effects of globalization. A couple of years ago, my
father and his friend decided to start their own business. They have a small shop inside a commercial
center and they offer services such as repairing damaged electronic devices. Luckily, their business is
doing well and it really helped us with our financial needs. We also have relatives who were able to
work in foreign countries because of increased labor mobility and through this, they can provide the
needs of their families here in the Philippines. Globalization has created employment opportunities for
individuals and families by opening up new markets and industries, it significantly improved our income
and standard of living. Personally, I can say that I am also experiencing the effects of globalization first-
hand. I can now access a wide range of products and services available from different parts of the world,
and technological advancement has been a great help in obtaining knowledge even with the modern
setup of education. It has facilitated the transfer of technology and knowledge across borders.

However, the effects of globalization are multifaceted and different for every individual. We may be
experiencing the positive effects of globalization, some people are affected by job displacements due to
increased competition in global markets that would often result in income inequalities, and some may
also experience changes in lifestyle due to its social and cultural impacts. While there may be chances
for economic development and higher living standards, there may also be problems and inequalities that
must be resolved if families are to thrive in a worldwide society.