Economic globalization is one of the heated topics that are discussed by the economists of
the world. Economic globalization is the integration of the economies of the world. By the
end of the 20th century economic globalization started growing rapidly as more and more
economies of the world started to integrate with each other. Governments of the world
started to realize that in order to save their economies from going into depression they
have to integrate their economies. Economic globalization is the key to our survival
because economic globalization leads to an increase in global GDP, more jobs being
created, and an increase in Foreign Direct Investment.
Gross Domestic Product or GDP is the total value of goods and services produced
domestically by a country (Collins English Dictionary) .It is one of the factors that are
used to measure the status of economy. Krishn Goyal, a professor at Birla Institute of
Technology Oman writes in an economic journal says, “Due to globalization not only the
GDP has increased but also the direction of growth in the sectors has also been changed.
Earlier the maximum part of the GDP in the economy was generated from the primary
sector but now the service industry is devoting the maximum part of the GDP (Goyal).”
Service sector is one of the sectors of an economy that provides services such as banking
and transportation. This sector has flourished the most due to economic globalization. The
reason behind this is that consumers in the economy use these services when the economy
