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Unit 5. Contemporary issues
and Challenges in Global
Economic Environment
• 5. Contemporary issues and Challenges
in Global Economic Environment -
Indian perspective: Globalization and its
Advocacy, Globalization and its Impact
on India, Fair Globalization and the
Need for Policy Framework,
Globalization in Reverse Gear-The
Threatened Re-emergence of
Protectionism. Euro zone Crisis and its
impact on India, Issues in Brexit, World
recession, inflationary trends, impact of
fluctuating prices of crude oil, gold etc.
Indian perspective: Globalization and its
Advocacy
Earlier Waves of Globalization
• Globalization 1.0
– It was pre-World War I globalization, which was
launched by a historic drop in trade costs.
– This globalization came with almost no
government support.
– There was no global governance.
• Globalization 2.0
– It is the post-World War II phase where trade in
goods was combined with complimentary
domestic policies.
– The market was in charge of efficiency while
the government was in charge of justice.
– It saw the establishment of institute-based,
rule-based international governance,
specifically the UN, IMF, World Bank,
GATT/WTO, International Labor Organization
etc.
Globalization 3.0
– It created a new world of manufacturing in
which high-tech was combined with low wages.
– This was achieved through establishment of
global supply chains as factories crossed
international borders.
– It was variously called New Globalization,
Hyper globalization, Global value chain
evolution.
Globalization 4.0 was the theme for World Economic
Forum Annual Meeting 2019 held in Davos,
Switzerland in January 2019.
Under the rubric of Globalization 4.0, a series of "Global
Dialogues" in Davos focused on the interrelated areas
namely geopolitics, future of global economy, global
dialogue on industry systems etc.
Globalization 4.0
Globalization is a phenomenon driven by technology and
the movement of ideas, people, and goods.
Globalization 4.0 is latest stage of globalization which involves
cutting-edge new technologies like artificial intelligence that
powers forward with the explosion of information
technology.
These technologies shrink distances, open up borders and
minds and bring people all across the globe closer together.
Factors aiding globalisation
1) Technology: has reduced the speed of communication
manifolds. The phenomenon of social media in the
recent world has made distance insignificant.
The integration of technology in India has transformed
jobs which required specialized skills and lacked
decision-making skills to extensively-defined jobs with
higher accountability that require new skills, such as
numerical, analytical, communication and interactive
skills. 
As a result of this, more job opportunities are created for
people.
2) LPG Reforms: The 1991 reforms in India have led to
greater economic liberalisation which has in turn
increased India’s interaction with the rest of the world.
Factors aiding globalisation
3) Faster Transportation: Improved
transport, making global travel easier. For
example, there has been a rapid growth in
air-travel, enabling greater movement of
people and goods across the globe.
4) Rise of WTO: The formation of WTO in
1994 led to reduction in tariffs and non-tariff
barriers across the world. It also led to the
increase in the free trade agreements
among various countries.
Factors aiding globalisation
5) Improved mobility of capital: In the past few
decades there has been a general reduction in
capital barriers, making it easier for capital to flow
between different economies. This has increased
the ability for firms to receive finance. It has also
increased the global interconnectedness of global
financial markets.
6) Rise of MNCs: Multinational corporations
operating in different geographies have led to a
diffusion of best practices. MNCs source resources
from around the globe and sell their products in
global markets leading to greater local interaction.
Challenges of Globalization 4.0
Political crisis and Global level conflict:
Globalization 4.0 could, like preceding waves of
globalization, have mixed results e.g. even though
countries are globally connected political crisis and
global level conflict have also increased.
Economic exclusion: Economic opportunities will be
uncertain, many may not have the skills needed for
the jobs of the future. If countries and communities
are not fully prepared for Globalization 4.0,
problems may exacerbate.
Income Inequality: Negative effects of globalization
have a disproportionate impact on already
marginalized populations. Globalization 4.0 may
increase income inequality even if it can create
more wealth.
Challenges of Globalization 4.0
Human Resource: Countries like India, if do not step
up to meet the skill requirements of globalisation
4.0, may already be staring at demographic
disaster, given its huge population and low
employment generation.
Unintended consequences: Globalization 4.0 in
conjunction with Industry 4.0 will produce many
unintended consequences which may not be
foreseeable for now and for which world is vastly
unprepared the ethical, legal, environmental
concerns are yet to be seen for which no
framework has been laid out.
Infrastructural challenges: Apart from skilling, India
also needs to set up required infrastructure and
technology to harness the advantages of
globalization 4.0.
Challenges of Globalization 4.0
Challenges for Developing countries:
– The European continent, North America and
some Asian countries have been able to take
advantage of the industrial revolution and
globalization, while many African, Latin
American and some Asian countries failed to
benefit as much.
– Globalization 4.0 will create additional
challenges many African and Asian nations
which were already excluded from the benefits
of earlier waves of globalization.
Way Forward
Invest in strengthening local and regional economies:
We should proactively build resilient local and regional
systems that can participate in the next wave of
globalization, making sure regions have the right mix of
education, employment and infrastructure to create and
sustain jobs locally.
Prioritizing sustainability and Inclusiveness: The need
of the hour is to design a blueprint from the ground up
that can capitalize on new opportunities while
prioritizing sustainability and inclusiveness more than
ever before.
Focus on the most vulnerable populations: Global and
local institutions need to advance both universal and
targeted strategies to improve outcomes for everyone
ensuring vulnerable population is not left out.
Stop climate change: The challenges of
Globalization 4.0 will be compounded if
resources that could be put towards
strengthening local economies and education
are diverted to mitigate climate change. Thus
climate change needs to be dealt at global
level.
Engagement and imagination: The task of
dealing with challenges of Globalization 4.0
requires two things of the international
community: wider engagement, participation
and heightened imagination.
Promote Innovation in educational
institution and education curriculum:
By 2022, at least 54% of employees globally will
require re- and up-skilling.
Not only do we need to support people in getting
the training they need for jobs in the next five
years, but we need to prepare young students
with the skills to adapt to the types of jobs we
will need in the next 20 years.
New Zealand is implementing a national
technology curriculum to teach students to be
digital creators, as well as consumers.
Globalization and India:
As a result globalization has brought to India new
technologies, new products and also the economic
opportunities.
Despite bureaucracy, lack of infrastructure, and an
ambiguous policy framework that adversely impact
MNCs operating in India, MNCs are looking at India
in a big way, and are making huge investments to
set up R&D centers in the country. India has made
a lead over other growing economies for IT,
business processing, and R&D investments. There
have been both positive and negative impacts of
globalization on social and cultural values in India.
Globalization and India:
Developed countries have been trying to pursue
developing countries to liberalize the trade and
allow more flexibility in business policies to provide
equal opportunities to multinational firms in their
domestic market.
International Monetary Fund (IMF) and World Bank
helped them in this endeavour.
Liberalization began to hold its foot on barren lands of
developing countries like India by means of
reduction in excise duties on electronic goods in a
fixed time frame.
Indian government did the same and liberalized the
trade and investment due to the pressure from
World Trade Organization. Import duties were cut
down phase-wise to allow MNC’s operate in
India on equality basis.
IMPACTS OF GLOBALISATION IN INDIA
Economic Impact:
Greater Number of Jobs: The advent of foreign companies and
growth in economy has led to job creation. However, these jobs
are concentrated more in the services sector and this has led
to rapid growth of service sector creating problems for
individuals with low level of education. The last decade came to
be known for its jobless growth as job creation was not
proportionate to the level of economic growth.
More choice to consumers: Globalisation has led to a boom in
consumer products market. We have a range of choice in
selecting goods unlike the times where there were just a couple
of manufacturers.
Higher Disposable Incomes: People in cities working in high
paying jobs have greater income to spend on lifestyle goods.
There has been an increase in the demand of products like
meat, egg, pulses, organic food as a result. It has also led to
protein inflation.
Change in Political role
Globalization has changed the role of the state
politically because of strengthened interstate
relationships and dependence on one another.
States were created to be sovereign but now, due to
globalization, often give their sovereignty away to
‘pooling’ in conventions, contracting, coercion and
imposition.
This has led to increasingly similar jurisdictions
across states and to power being seen as an
economic rather than political progress because
states now make political progression and
regression together, causing states to become
more developmental.
Psychological Impact on Indian Society
Development of Bicultural Identity: The first is the
development of a bicultural identity or perhaps a hybrid
identity, which means that part of one’s identity is
rooted in the local culture while another part stems
from an awareness of one’s relation to the global world.
The development of global identities is no longer just a
part of immigrants and ethnic minorities. People today
especially the young develop an identity that gives
them a sense of belonging to a worldwide culture,
which includes an awareness of events, practices,
styles and information that are a part of the global
culture. Media such as television and especially the
Internet, which allows for instant communication with
any place in the world, play an important part in
developing a global identity.
Glocalization of culture:
Globalization + Localization = Glocalization.
glocalization campaigns involve culturally friendly media and ad
campaigns to encourage the acceptance of foreign products
among a local audience.
Examples: Indian version of Amazon, Yahoo etc
The translation of bestselling books into local languages.
The dubbing of movies in local languages For eg, The Lion King
ha been dubbed in regional languages like hindi, tamil, etc
Indian version of global cuisine for eg, adding spices and masalas
to noodles, pastas,etc.
Glocalized saree draping is a rising fashion theme. i.e, multiple
ways of wearing sarees.
Phonetics of English language is often based on the speech
sounds of local languages.
ENVIRONMENT
Resources
Depletion of environmental resources like fossil fuels.
Contamination of natural resources like soil, water and air. For eg,
commercialized agriculture lead to loss of soil fertility in
northwestern India.
Biological Diversity
Organized Crime and global chains led to poaching and hunting of
key biodiversity species.
Invasive Species has become threat to the extinction of native
species through shipping routes and other means
Crop Diversity
Monocropping and monoculture has affected not only the
environment but also the agriculture as such.
Agriculture has become the vagaries of climate change.
Climate Change
Increased production and encouragement of large scale trading has
rised the use of fossil fuels.
Tremendous rise in green house gases and ozone depletion.
Uncertainity in not only climate but also weather conditions.
EDUCATION
India is a rapidly changing country in which inclusive, high-quality
education is of utmost importance for its future prosperity. The
country is currently in a youth bulge phase. It has the largest
youth population in the world—a veritable army of 600 million
young people under the age of 25
Pros:
• introduction of computer-mediated learning has
revolutionized the teaching and learning process
• possible to interact more effectively across cultural
boundaries. Sharing information and collaborating with others
has proven to be a revolution in education.
• Skills for global Economy: The quest among students to
learn new skills like coding, designing, etc makes them to
participate in global employment scenario.
• Changes in curriculum : Wider elements and wider
perspectives of study enriches the knowledge of students.
• Quest for international ranking of institutions repeatedly
enforces quality enrichment in the education.
Cons:
• Globalization poses challenges like faculty
shortage, infrastructural constraints in India.
• Marketization of education has led to inequality
and compensation of quality of education especially
in the higher education sector
• Homogenization of western education in India,
induced by international rankings like PISA
• Brain drain ,is serious issue which hampers India’s
development.
• Value erosion is a concern.
• Mushrooming of private online content creators
in education is often misleading. For example, the
learn to code campaign.
DEGLOBALIZATION/REVERSE
GLOBALIZATION
From almost everywhere came a sense of the
power of globalization, whether driven by
technology, economics or politics. “We were
sleeping on the shore when a big wave
came”,. Globalization could be frightening,
stimulating, overwhelming, destructive or
creative, depending on one’s point of view.
“There is no point to a globalization that
reduces the price of a child’s shoes, but
costs the father his job”.
DEGLOBALIZATION/REVERSE GLOBALIZATION
Whatever the negatives of the present model of
globalization, it was recognized that globalization is
a reality, that it is necessary to adjust policy
priorities to deal with it (“the outside world can do
without us; but we can’t do without it”), and
above all that answers can and must be found.
What?
The process of reducing interdependence and
integration between nations around the world.
Characterized by decline in economic trade and
investment between countries.
This decline reflects that economies become less
integrated with the rest of the world economies
DEGLOBALIZATION/REVERSE GLOBALIZATION
Why?
• Protectionism and unilateral withdrawal from international
organizations and agreements. For eg, trade wars between US
and China.
• Changing geopolitical quations. For example, US withdrawal
from JCPOA were criticized by other members.
• Rise of national consciousness and unemployment in
western countries led to stricter immigration policies. For eg,
the policies in Saudi Arabia against immigrant workers.
• Crisis and inflow of refugees affecting national resources.
• Developed countries bearing the cost of emerging countries
Eg: BREXIT
• The fear of spread of pandemic especially the COVID -19
Impact
• Restriction of labour movements. India would be
affected because it enjoys the benefit of remittance
in global economy. For eg, Kerala’s Remittance
economy has been shaken during lockdown.
• Foreign investments might get affected. The
technology transfers would take a back seat.
• Shrink in labour force participation rate affects the
standard of living
• Political instability and uncertainity would become a
new issue since affecting the basic income of
people would rise consciousness and lead to
antagonistic tendencies.
• Leads to Lack of cooperation and coordination
among countries and regions.
208 gwes unit5a

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208 gwes unit5a

  • 1. Unit 5. Contemporary issues and Challenges in Global Economic Environment
  • 2. • 5. Contemporary issues and Challenges in Global Economic Environment - Indian perspective: Globalization and its Advocacy, Globalization and its Impact on India, Fair Globalization and the Need for Policy Framework, Globalization in Reverse Gear-The Threatened Re-emergence of Protectionism. Euro zone Crisis and its impact on India, Issues in Brexit, World recession, inflationary trends, impact of fluctuating prices of crude oil, gold etc.
  • 3. Indian perspective: Globalization and its Advocacy Earlier Waves of Globalization • Globalization 1.0 – It was pre-World War I globalization, which was launched by a historic drop in trade costs. – This globalization came with almost no government support. – There was no global governance.
  • 4. • Globalization 2.0 – It is the post-World War II phase where trade in goods was combined with complimentary domestic policies. – The market was in charge of efficiency while the government was in charge of justice. – It saw the establishment of institute-based, rule-based international governance, specifically the UN, IMF, World Bank, GATT/WTO, International Labor Organization etc.
  • 5. Globalization 3.0 – It created a new world of manufacturing in which high-tech was combined with low wages. – This was achieved through establishment of global supply chains as factories crossed international borders. – It was variously called New Globalization, Hyper globalization, Global value chain evolution.
  • 6.
  • 7. Globalization 4.0 was the theme for World Economic Forum Annual Meeting 2019 held in Davos, Switzerland in January 2019. Under the rubric of Globalization 4.0, a series of "Global Dialogues" in Davos focused on the interrelated areas namely geopolitics, future of global economy, global dialogue on industry systems etc. Globalization 4.0 Globalization is a phenomenon driven by technology and the movement of ideas, people, and goods. Globalization 4.0 is latest stage of globalization which involves cutting-edge new technologies like artificial intelligence that powers forward with the explosion of information technology. These technologies shrink distances, open up borders and minds and bring people all across the globe closer together.
  • 8. Factors aiding globalisation 1) Technology: has reduced the speed of communication manifolds. The phenomenon of social media in the recent world has made distance insignificant. The integration of technology in India has transformed jobs which required specialized skills and lacked decision-making skills to extensively-defined jobs with higher accountability that require new skills, such as numerical, analytical, communication and interactive skills. As a result of this, more job opportunities are created for people. 2) LPG Reforms: The 1991 reforms in India have led to greater economic liberalisation which has in turn increased India’s interaction with the rest of the world.
  • 9. Factors aiding globalisation 3) Faster Transportation: Improved transport, making global travel easier. For example, there has been a rapid growth in air-travel, enabling greater movement of people and goods across the globe. 4) Rise of WTO: The formation of WTO in 1994 led to reduction in tariffs and non-tariff barriers across the world. It also led to the increase in the free trade agreements among various countries.
  • 10. Factors aiding globalisation 5) Improved mobility of capital: In the past few decades there has been a general reduction in capital barriers, making it easier for capital to flow between different economies. This has increased the ability for firms to receive finance. It has also increased the global interconnectedness of global financial markets. 6) Rise of MNCs: Multinational corporations operating in different geographies have led to a diffusion of best practices. MNCs source resources from around the globe and sell their products in global markets leading to greater local interaction.
  • 11. Challenges of Globalization 4.0 Political crisis and Global level conflict: Globalization 4.0 could, like preceding waves of globalization, have mixed results e.g. even though countries are globally connected political crisis and global level conflict have also increased. Economic exclusion: Economic opportunities will be uncertain, many may not have the skills needed for the jobs of the future. If countries and communities are not fully prepared for Globalization 4.0, problems may exacerbate. Income Inequality: Negative effects of globalization have a disproportionate impact on already marginalized populations. Globalization 4.0 may increase income inequality even if it can create more wealth.
  • 12. Challenges of Globalization 4.0 Human Resource: Countries like India, if do not step up to meet the skill requirements of globalisation 4.0, may already be staring at demographic disaster, given its huge population and low employment generation. Unintended consequences: Globalization 4.0 in conjunction with Industry 4.0 will produce many unintended consequences which may not be foreseeable for now and for which world is vastly unprepared the ethical, legal, environmental concerns are yet to be seen for which no framework has been laid out. Infrastructural challenges: Apart from skilling, India also needs to set up required infrastructure and technology to harness the advantages of globalization 4.0.
  • 13. Challenges of Globalization 4.0 Challenges for Developing countries: – The European continent, North America and some Asian countries have been able to take advantage of the industrial revolution and globalization, while many African, Latin American and some Asian countries failed to benefit as much. – Globalization 4.0 will create additional challenges many African and Asian nations which were already excluded from the benefits of earlier waves of globalization.
  • 14. Way Forward Invest in strengthening local and regional economies: We should proactively build resilient local and regional systems that can participate in the next wave of globalization, making sure regions have the right mix of education, employment and infrastructure to create and sustain jobs locally. Prioritizing sustainability and Inclusiveness: The need of the hour is to design a blueprint from the ground up that can capitalize on new opportunities while prioritizing sustainability and inclusiveness more than ever before. Focus on the most vulnerable populations: Global and local institutions need to advance both universal and targeted strategies to improve outcomes for everyone ensuring vulnerable population is not left out.
  • 15. Stop climate change: The challenges of Globalization 4.0 will be compounded if resources that could be put towards strengthening local economies and education are diverted to mitigate climate change. Thus climate change needs to be dealt at global level. Engagement and imagination: The task of dealing with challenges of Globalization 4.0 requires two things of the international community: wider engagement, participation and heightened imagination.
  • 16. Promote Innovation in educational institution and education curriculum: By 2022, at least 54% of employees globally will require re- and up-skilling. Not only do we need to support people in getting the training they need for jobs in the next five years, but we need to prepare young students with the skills to adapt to the types of jobs we will need in the next 20 years. New Zealand is implementing a national technology curriculum to teach students to be digital creators, as well as consumers.
  • 17. Globalization and India: As a result globalization has brought to India new technologies, new products and also the economic opportunities. Despite bureaucracy, lack of infrastructure, and an ambiguous policy framework that adversely impact MNCs operating in India, MNCs are looking at India in a big way, and are making huge investments to set up R&D centers in the country. India has made a lead over other growing economies for IT, business processing, and R&D investments. There have been both positive and negative impacts of globalization on social and cultural values in India.
  • 18. Globalization and India: Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibility in business policies to provide equal opportunities to multinational firms in their domestic market. International Monetary Fund (IMF) and World Bank helped them in this endeavour. Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame. Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. Import duties were cut down phase-wise to allow MNC’s operate in India on equality basis.
  • 19. IMPACTS OF GLOBALISATION IN INDIA Economic Impact: Greater Number of Jobs: The advent of foreign companies and growth in economy has led to job creation. However, these jobs are concentrated more in the services sector and this has led to rapid growth of service sector creating problems for individuals with low level of education. The last decade came to be known for its jobless growth as job creation was not proportionate to the level of economic growth. More choice to consumers: Globalisation has led to a boom in consumer products market. We have a range of choice in selecting goods unlike the times where there were just a couple of manufacturers. Higher Disposable Incomes: People in cities working in high paying jobs have greater income to spend on lifestyle goods. There has been an increase in the demand of products like meat, egg, pulses, organic food as a result. It has also led to protein inflation.
  • 20. Change in Political role Globalization has changed the role of the state politically because of strengthened interstate relationships and dependence on one another. States were created to be sovereign but now, due to globalization, often give their sovereignty away to ‘pooling’ in conventions, contracting, coercion and imposition. This has led to increasingly similar jurisdictions across states and to power being seen as an economic rather than political progress because states now make political progression and regression together, causing states to become more developmental.
  • 21. Psychological Impact on Indian Society Development of Bicultural Identity: The first is the development of a bicultural identity or perhaps a hybrid identity, which means that part of one’s identity is rooted in the local culture while another part stems from an awareness of one’s relation to the global world. The development of global identities is no longer just a part of immigrants and ethnic minorities. People today especially the young develop an identity that gives them a sense of belonging to a worldwide culture, which includes an awareness of events, practices, styles and information that are a part of the global culture. Media such as television and especially the Internet, which allows for instant communication with any place in the world, play an important part in developing a global identity.
  • 22. Glocalization of culture: Globalization + Localization = Glocalization. glocalization campaigns involve culturally friendly media and ad campaigns to encourage the acceptance of foreign products among a local audience. Examples: Indian version of Amazon, Yahoo etc The translation of bestselling books into local languages. The dubbing of movies in local languages For eg, The Lion King ha been dubbed in regional languages like hindi, tamil, etc Indian version of global cuisine for eg, adding spices and masalas to noodles, pastas,etc. Glocalized saree draping is a rising fashion theme. i.e, multiple ways of wearing sarees. Phonetics of English language is often based on the speech sounds of local languages.
  • 23. ENVIRONMENT Resources Depletion of environmental resources like fossil fuels. Contamination of natural resources like soil, water and air. For eg, commercialized agriculture lead to loss of soil fertility in northwestern India. Biological Diversity Organized Crime and global chains led to poaching and hunting of key biodiversity species. Invasive Species has become threat to the extinction of native species through shipping routes and other means Crop Diversity Monocropping and monoculture has affected not only the environment but also the agriculture as such. Agriculture has become the vagaries of climate change. Climate Change Increased production and encouragement of large scale trading has rised the use of fossil fuels. Tremendous rise in green house gases and ozone depletion. Uncertainity in not only climate but also weather conditions.
  • 24. EDUCATION India is a rapidly changing country in which inclusive, high-quality education is of utmost importance for its future prosperity. The country is currently in a youth bulge phase. It has the largest youth population in the world—a veritable army of 600 million young people under the age of 25 Pros: • introduction of computer-mediated learning has revolutionized the teaching and learning process • possible to interact more effectively across cultural boundaries. Sharing information and collaborating with others has proven to be a revolution in education. • Skills for global Economy: The quest among students to learn new skills like coding, designing, etc makes them to participate in global employment scenario. • Changes in curriculum : Wider elements and wider perspectives of study enriches the knowledge of students. • Quest for international ranking of institutions repeatedly enforces quality enrichment in the education.
  • 25. Cons: • Globalization poses challenges like faculty shortage, infrastructural constraints in India. • Marketization of education has led to inequality and compensation of quality of education especially in the higher education sector • Homogenization of western education in India, induced by international rankings like PISA • Brain drain ,is serious issue which hampers India’s development. • Value erosion is a concern. • Mushrooming of private online content creators in education is often misleading. For example, the learn to code campaign.
  • 26. DEGLOBALIZATION/REVERSE GLOBALIZATION From almost everywhere came a sense of the power of globalization, whether driven by technology, economics or politics. “We were sleeping on the shore when a big wave came”,. Globalization could be frightening, stimulating, overwhelming, destructive or creative, depending on one’s point of view. “There is no point to a globalization that reduces the price of a child’s shoes, but costs the father his job”.
  • 27. DEGLOBALIZATION/REVERSE GLOBALIZATION Whatever the negatives of the present model of globalization, it was recognized that globalization is a reality, that it is necessary to adjust policy priorities to deal with it (“the outside world can do without us; but we can’t do without it”), and above all that answers can and must be found. What? The process of reducing interdependence and integration between nations around the world. Characterized by decline in economic trade and investment between countries. This decline reflects that economies become less integrated with the rest of the world economies
  • 28. DEGLOBALIZATION/REVERSE GLOBALIZATION Why? • Protectionism and unilateral withdrawal from international organizations and agreements. For eg, trade wars between US and China. • Changing geopolitical quations. For example, US withdrawal from JCPOA were criticized by other members. • Rise of national consciousness and unemployment in western countries led to stricter immigration policies. For eg, the policies in Saudi Arabia against immigrant workers. • Crisis and inflow of refugees affecting national resources. • Developed countries bearing the cost of emerging countries Eg: BREXIT • The fear of spread of pandemic especially the COVID -19
  • 29. Impact • Restriction of labour movements. India would be affected because it enjoys the benefit of remittance in global economy. For eg, Kerala’s Remittance economy has been shaken during lockdown. • Foreign investments might get affected. The technology transfers would take a back seat. • Shrink in labour force participation rate affects the standard of living • Political instability and uncertainity would become a new issue since affecting the basic income of people would rise consciousness and lead to antagonistic tendencies. • Leads to Lack of cooperation and coordination among countries and regions.