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Globalization: The Economy Driver

By Saeed Bazroon

 

The level of information flow globally is almost frictionless, this is featured in my daily-life when I connect with my family and when I check Saudi’s economy. As an individual who lived in both nations, US and Saudi Arabia, I realized that common ideology between the two countries derived their businesses. Technology is the common language to aid communication between both countries, and it pushed Saudi’s market to thrive and offer more opportunities to younger generations. In 1968 Saudi Arabia’s GDP was 4.19 Billion USD and the current GDP of 646.44 billion USD, which emphasize the role of global-market interactions deriving this growth.

Another positive impact of  globalization was on medicine in SA. Last year my brother enrolled in the medicine program supervised by a hand-full of international faculty members. This is a good example of the positive global mindset of the university to expand the program. Another example is my mom’s recent surgery at John Hopkins MD in Dhahran. The staff exchanged both countries expertise to do the most efficient procedures to help her. The medical center opened in 2014 representing the depth of global expansion in SA.

Globalization helped the US overcome many financial crises over the years. The global markets allowed many US businesses to settle in countries with high demand for their products. This impacted US local businesses positively by encouraging them to understand  international markets. Nowadays we can see ventures expanding outside the US from food, industrial and the transportation markets. This enriched competition between these businesses to enhance the quality of products and to challenge international finance methods to improve local methods. We can see this evident after looking at the graph of US Merchandise Trade as % of GNP and how over the years the import and export increased to derive the market forward.

 

References:

Saudi Arabia GDP over the years: http://www.multpl.com/saudi-arabia-gdp

UoD University Medicine Program: https://www.uod.edu.sa/en/colleges/college-of-medicine/research

John Hopkin’s Joint Venture with Aramco: http://www.hopkinsmedicine.org/news/media/releases/saudi_aramco_and_johns_hopkins_medicine_launch_health_care_joint_venture

For Graphs: See graphs attached

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