Courses : Intermediate Macroeconomics Lecturer : Frischa Adellia Semester : 4th Semester, 2022/2023 Sesion Globalization Factors In Economic Growth The globalization factor in economic growth refers to economic integration between countries in the world, which is realized through the growth of international trade, foreign investment, and the use of information technology. Globalization has had a major impact on the economic growth of countries around the world, both positively and negatively. One of the positive impacts of globalization on economic growth is the opening of new market opportunities and increased access to global markets. In addition, globalization can also accelerate the transfer of technology and knowledge from developed countries to developing countries, so as to increase the ability of innovation and economic competitiveness of developing countries. However, the negative impact of globalization on economic growth is increased competition between countries in accessing global markets, which can exacerbate economic inequality between developed and developing countries. In addition, globalization can also increase the risk of global economic crises, such as the Asian financial crisis in 1997 and the global financial crisis in 2008. The government can strengthen the globalization factor in economic growth by encouraging trade and investment liberalization, as well as strengthening international cooperation through the development of transportation infrastructure and information technology. In addition, the government must also consider strategies to reduce the negative impact of globalization on economic growth, such as through income redistribution policies and protection for sectors that are vulnerable to global competition. Globalization is a process in which people, businesses and governments from various countries are interconnected through the exchange of information, technology, goods and services. This factor has an important role in economic growth because it allows countries to connect with global markets and access a wider range of resources. Globalization can affect economic growth in a number of ways. First, by opening global markets, countries can increase trade and investment which can accelerate economic growth. Second, globalization can provide access to technology, which can increase productivity and efficiency. Third, globalization can accelerate the transfer of knowledge and skills, which can increase human capabilities and accelerate economic growth. However, globalization can also have a negative impact on economic growth. Increased competition from global markets can put pressure on domestic industries, and countries can lose jobs as jobs are transferred to other countries. In addition, developing countries can be vulnerable to global market volatility, which can negatively affect economic growth. Some examples of the effects of globalization on economic growth are trade liberalization, foreign direct investment, labor migration, the influence of technology and communication, as well as the exchange of information and knowledge between countries. Globalization has a significant influence on a country's economic growth. Here are some examples of the impact of globalization on economic growth: 1. Increase international trade: With open access to global markets, countries can develop wider and closer trade relations with other countries, thereby increasing international trade and economic growth. 2. Increasing investment flows: Globalization has also enabled an easier flow of investments between countries, thereby accelerating a country's economic growth. 3. Increasing access to technology: In an open global environment, technology can be easily exchanged between countries, thereby enabling developing countries to adopt more advanced technologies. 4. Improving communication capabilities: Modern technology has made it possible for faster and more extensive exchange of information between countries, thus facilitating cooperation and faster economic growth. However, globalization also has several negative impacts, such as the gap between developed and developing countries, the dependence of a country's economy on global markets, and increased international competition. Therefore, it is important for countries to manage the positive and negative impacts of globalization wisely in an effort to increase economic growth. Globalization can have several positive impacts on economic growth, such as increasing international trade, expanding markets, increasing access to technology, increasing foreign investment, and expanding employment opportunities. This positive impact can increase a country's economic growth. However, the impact of globalization can also have several negative impacts on economic growth, such as increased competition, reduced employment in developed countries, reduced equality in income distribution, increased illegal activities such as drug trafficking and human trafficking, as well as increased risks of cybersecurity and crime. cyberspace. In general, globalization provides opportunities and challenges for a country's economic growth, depending on the country's ability to take advantage of opportunities and overcome the challenges it faces. Some of the characteristics of globalization in economic growth include: 1. Increased international trade: Globalization increases international trade between countries by removing trade barriers such as tariffs and import quotas. This makes goods and services easier to obtain from abroad thereby increasing product choice and competition. 2. Dissemination of technology and innovation: In the era of globalization, technology and innovation can easily be spread throughout the world. This makes the production process more efficient and reduces production costs thereby increasing product competitiveness. 3. Increased labor mobility: Globalization increases labor mobility between countries. This allows skilled workers from other countries to work in other countries that need these workers so as to increase productivity and economic growth. 4. Increased foreign investment: Globalization allows foreign investment to enter other countries to develop industries. This foreign investment can help increase production capacity, create jobs, and improve technology so that it can increase the country's economic growth. 5. Opening of global markets: Globalization opens up bigger global markets for products from all over the world. This allows local products to be marketed internationally and to reach more consumers thereby increasing economic growth.