The graph below shows the average growth in domestic products in wealthy countries, countries that have adopted a global approach to business and countries that have not.

Jan 25, 2022 / Academic / 6:39 pm

The differences in the growth of Gross Domestic Product (GDP) in three different global economies between 1960 and 2000 are illustrated in the given bar chart.

Overall, it is clear that when the growth pattern of the wealthy nations and those countries which adopted globalization was reciprocal in nature, those countries which hesitated to have a global approach in business exhibited a fluctuated growth.

As per the chart, in between 1960 and 1969, the GDP growth was the highest among the wealthy nations. This was nearly 4.8%, which was almost double than that of the non-globalizers and 3.3% more than those who adopted globalization.

In the next three decades, the wealthy nations witnessed a negative growth in their GDP, whereas the globalizers recorded a positive growth. In case of the wealthy nations, the rate fell from 4.8% in 1960’s to just 2% in 1990’s. By contrast, the GDP of globalizers went up from 1.4% to a record high of almost 5% by 2000. The non-globalizers had seen their GDP fluctuating throughout the period between 0.8% and 3.2%.

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