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Globalization is an inevitable phenomenon in the history of mankind, which consists in the fact that the world, as a result of the exchange of goods and products, information, knowledge and cultural values, becomes more interconnected. While globalization accelerates and is a consequence of human development, it is a complex process to which one must adapt and which creates serious problems and difficulties. This rapid pace of change can be threatening, and most countries try to control or manage it.

Firstly it should be noted that the economy is in a state of constant renewal, and the deepening of globalization is just one of a number of ongoing trends. Secondly, these trends include that as economies mature in industrialized countries, they become increasingly service-oriented to meet the changing needs of their populations. Another trend is a shift towards more highly skilled jobs. However, according to all available data, such changes would occur regardless of the presence or absence of the process of globalization. Moreover, globalization makes these processes less painful and costly for the economy as a whole, as it brings benefits in the form of capital flows, technological innovations and lower prices for imported goods. In addition, that in the process of globalization, an important role belongs to national and international organizations, whose work is inevitably influenced by differences in culture. However, the pace of globalization has indeed slowed down recently compared to previous decades. A third of the decline in global GDP due to the coronavirus pandemic will be caused by the disruption of international trade chains. Globalization should not be blamed for the decline in world GDP during the pandemic – if the economies were not connected by trade relations, they would suffer the same way. After the restrictions are lifted, old chains will be restored and reformatted chains will develop based on both nationalization and international formats.

To sum up, as globalization progressed, there was a noticeable improvement in living conditions in almost all countries. It is also deeply disturbing that a significant number of the world’s inhabitants live in extreme poverty. It seems to me that it is a mistake to jump to conclusions from this that globalization is the cause of this gap, or that nothing can be done to remedy this situation. Global economic growth this year will remain robust, but will be uneven: the gap between developed and developing countries will widen.