Globalization, an important feature of the contemporary economic environment, has led to significant changes in individual nations in terms of the economic development strategies undertaken by national governments. The term globalization refers to the integration of local and international economies into a globally unified political, economic and cultural order, and is not a singular phenomenon, but a term to describe the forces that transform an economy into one characterized by embracing the freer movement of trade, investment, labor and capital. The drive for globalization has led to greater economic growth globally, through the opening of barriers to international trade, but this increase in global production is often associated with detrimental effects in relation to the stability of a national economy, being susceptible to highs and lows. downturns in the international economic cycle and also both positive and negative effects on living standards or quality of life in a nation. It is often difficult to classify an economy as globalized, however there are several key indicators that suggest economic management decisions undertaken by the government are the result of globalization. The main evidence suggesting the globalization of nations has been the growth of global markets, changes in global consumption patterns, the creation of intergovernmental agreements, and the rise of transnational corporations. Globalization has essentially been driven by the breaking down of economic barriers between nations in recent decades which has led to greater global economic growth. This economic liberalization has been spurred by the global trend towards deregulation of national growth rates close to 9%. As a result, the global income gap would tend to widen, as richer nations become richer at a faster rate than poor nations. However, a limiting factor towards continued accelerated growth in high-income countries continues to be maintaining the external stability of an economy, in particular by preventing the explosion of net external debt and equity over the business cycle, which could impact international trust in the country. management of the particular economy. Thus, globalization as a whole has come as a boon across the world, but these benefits are still heavily penalized in favor of already wealthy nations, while developing economies struggle to maintain growth on par with high-income nations. higher, resulting in a clear contrast in terms of quality. of life between “classes” of nations in the global economy.