A global market displays how organizations conduct economic transactions across international borders, regardless of geographical constraints. The Liberalization, Privatization, and Globalization (LPG reforms) have altered the scope and nature of commercial operations. By extending and integrating the global economy, the reforms have prepared the way for global economic cooperation. In such a reforming scenario, economic factors like income level, exchange rates, and unemployment levels significantly alter the domestic and global economic or trade policies.
For example â€“ Company “A” operating in the country “I” manufactures and exports automobile parts to company “K” of the country “U”. In the global scenario, if the country “U” faces deflation or recession, then the company “K” would reduce the manufacturing of cars because of a decrease in demand. Company K would be unwilling to import more parts from the country “I”. The company “A” would see a drop in exports and revenue or profit margin because of the dynamic economic forces. Thus, it becomes clear that the financial fluctuations in one corner of the world significantly impact global corporate operations.
The Economic Forces and the Global Corporates
Almost all major economies in the contemporary global environment are mixed economies, meaning they have both private and public sectors. Economic forces include the country’s economic system, such as inflation, interest rates, income levels, customer purchasing power, employment, government budget, etc. These economic considerations have an impact on demand and supply in different countries as well as global corporate activities.
Production Cost – Companies have relocated to developing countries to avoid adhering to severe health and safety regulations in industrialized countries. Many emerging countries, such as India and China, have cheaper production costs than developed countries. Low labor costs, lax environmental and worker safety regulations entice multinational corporations to set up operations in developing countries.
Trade Barrier – Governments apply import bans, tariffs, and subsidies to protect their native industries. Subsidies help native companies to compete against massive international competition. In India, for example, agriculture is subsidized to provide food security and provide work for farmers. Tariffs are applied on imports to make them more expensive than domestic products. Quotas limit the number of certain items that can import.
Inflation – Inflation is defined as an increase in the general price level. Inflation occurs when commodity prices are higher than normal, affecting the customer’s purchasing power. Inflation disturbs the demand-supply match or reduces the demand for goods thus, affects the growth and progress of the business.
Currency Exchange Rate – The floating currency exchange rate mechanism is utilized and maintained by the central bank in practically every country. Supply and demand, government policies, investment, trade, and commerce all play a part in establishing a currency’s relative value. For example, higher interest rates will boost demand and, as a result, the value of a country’s currency. Similarly, if a country’s investment prospects are predicted to improve, demand for the currency will increase, as a result the currency’s relative worth.
Income and Employment Level â€“ People’s purchasing power is an important component in determining the growth of global companies. In industrialized countries, per capita income is substantially higher than in poor countries. Their income levels influence people’s purchasing power and consumption patterns. High-income levels and low unemployment rates in European countries are two of the most important factors driving business growth.
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