Impact Of Globalization In Sri Lanka

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Globalization and its global impact
“The tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization has had the effect of markedly increasing not only international trade, but also cultural exchange”. The distances and barriers between countries, governments, organizations and individuals has significantly decreased due to the influence that globalization has on the world. Changes in one part of the world has a ripple effect on other countries and communities. This interconnectedness between economies and cultures has advantages and disadvantages, however, the impact that globalization has on individuals …show more content…

Consumers have a variety of goods and services to choose from. Sri Lanka imports products such as petroleum products, vehicles and electronic goods. The majority of exports out of Sri Lanka in the past was limited to tea, rubber and coconuts. In the service sector the hotel and tourism industry was the most prominent. This however is fast changing, Sri Lanka is focusing on more products and services that are of more value to the economy. Globalization has open up new opportunities for local businesses to compete in the global market. Through strategical partnerships with Korean automobile company Ssangyong and German engine manufacturer BMW, Micro Sri Lanka has been able to supply the local and regional market with …show more content…

Sri Lanka has a literacy rate of 92% due to this. However this means that university entrance is very competitive. Individuals who are ineligible to enter university have to consider other forms of education or start their career in the workforce. Globalization has created many alternate opportunities in the Sri Lankan education sector. Students can enrol into foreign university programs that are offered by local institute or follow programs such as CIM (Chartered Institute of Marketing) or CIMA (Chartered Institute of Management Accountants) to better position themselves to enter the workforce. However as expatiation increases due to globalization professional in Sri Lanka may choose to immigrate to other nations which seeks individuals with similar skills

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