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How Can Globalisation Affect An Economy And Country?

1995 words - 8 pages

It would be a formidable task for any country to build upon an economy which has recently suffered a civil war that lasted nearly a decade involving some of the worst brutality ever seen. This is the task which now faces the country of Sierra Leone. After ending the conflict in 2002, Sierra Leone has awoken to the new world where globalisation has a firm hold on how the world operates. The country's economy has already been affected in positive and negative ways due to the impacts of globalisation. It has now devised strategies accordingly to promote economic growth and development.Globalisation is essentially the world operating as a global market. This is done through the integration of countries and economies all over the world so it may interact as one. As a result, particular economies are able to affect others on an international scale. There are many implications that globalisation can have as each country is different.Sierra Leone has experienced a significant growth within its economy due to globalisation conveyed in its economic indicators.Gross Domestic Product (GDP): PPP: $2.8 billion (2002 est.)GDP: PPP:- $2.8 billion (2002 est.)GDP growth rate:: 5% (2002 est.)GDP growth rate:: 7.5 %.( 2005 est.)After several years of functioning with the assistance of the World Trade Organisation (WTO), Sierra Leon has appeared to have experienced positive benefits from globalisation. After only four years, it has come close to doubling its GDP PPP. This has been made possible due to the increase of financial markets. This allows efficient transferring and investing of income into the country from foreign direct investments due to globalisation.Through this particular perspective it is clear that globalisation has had a positive impact on its economy.The civil war disrupted the country's vital mining sector. Though as the war ended and the international business cycle on a rise, its mining sector flourished."official exports of diamonds grew from $10 million in 2000 to about $130 million in 2004."Though this may appear to have great benefits to the people of Sierra Leone, many are still living in the conditions as they were before."The United Nations Human Development Index (HDI) report for 2006 was launched Thursday in South Africa ranking Sierra Leone 175th out of 176 countries. The HDI for Sierra Leone is 0.335, according to the report...Sierra Leone is only ranked above Niger (176th)."Sierra Leone's HDI and quality of life has not benefited in contrast to the improvements made in trade and investments. This is a result of uneven distribution of wealth throughout the country. Income is going straight to the rich widening the gap between them and the poor.This unequal distribution of income and is an example of when 'trickle-down economics' does not work. The unequal distribution of income is a situation which the 'Lorenz curve' is able to demonstrate.It is not only the gap of the rich and poor in society that globalisation is worsening; it is the...

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