Impact of Economic, Social, and Political Globalization on Economic Growth in Asian Economies

Abstract

Globalization connects the globe internationally and rapidly merges the goods and capital markets along with dissimilar economies. It has been observed that globalization, education, and female labour force participation have positive and tremendous influences on the economic growth of Asian countries. By using data from 1996 to 2023, we have analysed the effect of globalization on the growth potential of Asian economies. We have used GDP as the dependent variable. However, economic, social, and political globalization, with education and female labor force contribution, have been used as explanatory factors. The random effect results indicate that economic and social globalization have a positive and tremendous effect on economic growth in these economies. Moreover, education and female labour force involvement also seem to be contributing positively towards the economic growth of the Asian countries. On the basis of the results, it is recommended that there is a need for a stable environment to increase economic globalization (more trade and investment) and social globalization for having more growth. More free-of-cost educational facilities should be provided to the general public. The government should provide more employment chances to females in all communities.