Kazakhstan Development Essay Example | Topics and Well Written Essays - 2750 words

Kazakhstan Development - Essay ExampleInternational trade involves movement of pile, movement of chief city and movement of raw materials to and fro developed and create countries. The beneficiaries of globalization are the developed economies since the companies and trade have bed cover to other regions in the developing economies. Despite the free movement of people and other business link up resources countries are still struggling with unfair distribution of resources, slavery, limited use of technology in developing countries, destruction of natural resources and unemployment. Nigeria being a developing economy has not enjoyed the benefits of globalization due to abate export business, huge debts and poor economic conditions that scares away the investors (Onwuka1 and Eguavoen 2007, P. 45). This paper will critically evaluate the developing of Nigerias economy as a result of globalization. Country analysis The Nigeria economic development has been influenced by the availa bility of oil. Before the oil exploration the economic grew by closely 3.1 pct per year eon from 1960 they was a positive growth by 6.2 part per year but from 1980 there was a detrimental economic growth but consecrate due to adjustment and regulation the economic expended by about 4 percent. This positive economic growth due to oil drilling led to migration from rural areas to urban areas (Ekpo and Umoh 2013). As a result of industrial development, migration to urban areas and oil drilling the agricultural activities were neglected and therefore the country started to import fundamental diet commodities. Domestic investment and savings also reduced while inflation rates increased to about 23 percent by the year 1976, 41 percent by the year 1989 and 72.8 percent in 1995 but later the inflation rate reduced to 9.5 percent in 1998 (Ekpo and Umoh 2013). Redundancy and joblessness was about 5 percent from 1976 to 1998 per year though its hard to document unemployment and its est imated that the rate of unemployment could be higher due to recession in 1990s(Ekpo and Umoh 2013). As the world trade and economic expanding upon were being experienced in several parts of the globe Nigeria was experiencing economic recession, unemployment, scarcity of vital food items and high rate of inflation and thus failure to catch the attention of international investors and low porcine domestic product. Nigeria therefore need to address it export diversity, imports, minimize debts and provide conducive environment for the external investors (Onwuka1 and Eguavoen 2007, P. 45. Is globalization jeopardizing developing nations economic development? Udombana (2002 p.11-17) reports that globalization is an incentive that unfairly and unequally solve problems of developing nations by enticing them to democratize, privatize and decentralize ,yet, industrialized nations are at a comfort regulate where their currencies are strong and terms of trade stable to handle any changes in the worlds economy. Hobdell (2001) asserts that this is seen so because, globalization is driven by the same colonial powers who launched global campaigns of imperial control of people and resources targeted primarily at the developing nations. In disguise this force is