Globalization and economic growth in highly developed countries

Abstract

The main goal of this paper is to show the level of globalization, its changes and the impact of globalization on economic growth and socio-economic development in these countries. The following research methods were used: historical, literature, descriptive analysis and simple statistical methods. Statistical data used in this paper come from KOF Index of globalization, World Bank Database and Human Development Reports. The time range of research is 1990-2018. The research covered 16 countries of Western Europe, USA, Canada, Japan, Australia and New Zealand. The main findings of the study are as follows: Highly developed countries are the most globalized. The level of globalization in individual countries varies, but the differences are not large. The medium-size European countries are the most globalized, while non-European countries are the least globalized. Starting from the 1990s, the level of globalization has increased significantly. The highest increase was in the less globalized countries, the lowest in the most globalized ones. As a result, the differences between them have significantly decreased. Thus we can see the convergence in the sphere of globalization. The positive impact of globalization on economic growth and socio-economic development was not observed in this group of countries.