For what reasons is the global economy so crucial?

In Dr. Ayman Kandeel’s opinion, the global economic order that emerged during World War II, as well as the accompanying tranquility on the world stage, have laid the groundwork for economic expansion and progress. Nevertheless, the international community wants a fresh strategy to growth, as well as a more competitive vision and a willingness to accept the development of other countries. As a global economic order, we need to dismantle the ideology of absolute authority. With regard to reforming international economics, this article examines a few fundamental questions.

Consumers get the benefits of the global economy in various ways. It is possible for businesses to reduce the cost of goods and services. As a result of this, costs will be cheaper and there will be more options for consumers to choose from. As a result of economic growth, citizens in both developed and developing countries have seen improvements in their standard of living. In addition, it strengthens their educational base. Higher living conditions and educational opportunities are made available to individuals across the globe. Everyone can gain from the benefits of a global economy.

With easier access to the resources of other countries, businesses can better compete. Products, supply chains, and communication all change as a result of globalization. Raw materials, components, and labor can all be found at lower costs. Their products can be developed more quickly as a result of this. As a result, more countries are able to attract investment as a result of reduced trade barriers. Investing in emerging countries has a positive effect on their economies. Finally, the global economy can aid in the distribution of income.

A new economic structure was created in the first world by the spread of the European continent. Native Americans became infected with diseases brought to them through the Columbian Exchange. In addition to being obliged to work and pay taxes to their proprietors, the Spaniards also enslaved the Native Americans. In addition, early human migration routes, Genghis Khan's invasions, and travel along the Silk Road all contributed to globalization's emergence. There was also an exchange of ideas and cultures and even cross-border trade as a result of these acquired territories.

Dr. Ayman Kandeel pointed out that the term "global economy" refers to a worldwide network of interconnected economic activities. The global economy has both beneficial and bad impacts on the countries involved. These changes have helped countries around the world to become more economically prosperous. Increased goods and services have also been produced as a result of this. Businesses can better compete against one another with the help of these economic activities. As a result, consumers can get more for their money by spending it on more items and services.

As a result of today's global economy, the success of one country might have an impact on the performance of others. As well as economies, global supply networks have an impact on the rest of the world's performance. A better global economy can be achieved through global trade if the economies of different countries work together. Considering how intertwined the global economy is, the US economy simply cannot afford to ignore it.

Municipalities around the world are being forced to alter to keep up with economic growth. It is imperative that local governments look for strategies to lure foreign businesses and cosmopolitans to their areas. To attract and keep businesses on the move, cities must discover creative ways to do so. Businesses are being compelled to reevaluate their approaches as a result of increased competition from overseas firms. And small and medium-sized companies are joining corporate giants to take advantage of global growing markets. These enterprises must become world-class in order to keep their local clients.

According to Dr. Ayman Kandeel, in order for human cultures to survive and thrive in the future, a strong global economy is required. Economic activity, community involvement, and the freedom to leave private locations can't happen without a solid foundation of safety and security. Failure to do so results in its continued existence in the form of an emaciated, decaying body. We must be patient and persistent in our efforts to rebuild the global economy, but we must also make our voices heard. When we work together, we can help keep the world's economy strong.