IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH (IJSSMR )

E-ISSN 2545-5303
P-ISSN 2695-2203
VOL. 11 NO. 3 2025
DOI: 10.56201/ijssmr.vol.11no3.2025.pg.367.383

---

World Level Globalization and the Economic Performance of Four Third World Economies From 1980 – 2024

Akpan Moses Jonah, Obialor Donatus Chukwuemeka PhD, Udounwa Unyime, Joseph, Atakpo Ebere Ubong, Prof Akpan L Patrick

---

Abstract

The study advances prior knowledge on globalization and business by empirically ascertaining how this phenomenon affects economic performance of third world economies from 1980 to 2024. The four third world countries were selected from Africa based on the size of their economies. These are Egypt, Algeria, Ethiopia and Nigeria. Descriptive research method was adopted in analyzing the historical trends in globalization in the selected countries. Information was extracted from KOF globalization index, Global Entrepreneurship Monitor and the global economy reports. Secondary data on net export value, balance of payment, GDP and self-employment were used in the analysis. The study which is anchored on the Modernization theory, seeks to establish the effect of globalization on economic performance. Data collected were analyzed using Linear Regression analysis. Result shows that global integration of goods and services markets has significant and positive effect on the performance of third world countries whereas global integration of financial markets does not have significant influence on performance of third world countries. It was concluded that world level globalization has both positive and negative effect on performance of third world countries. The researchers however, recommend that third world countries should review their trade treaties and other bilateral or multilateral agreements to ensure that their strength and weaknesses are taken into consideration and to eliminate exploitative clauses.

keywords:

Globalization, Performance, Third World, Integration, Economy, financial market

---

References:

Acemoglu, D. & Robinson, J. (2022). Non-modernization: Power-Culture trajectories and
the dynamics of political Institutions. Annual Review of Political Science, 25(1),
323-339.
African Development Bank (2024). Africa dominates list of the world’s 20 fastest-growing
economics in 2024. African Development Bank Group - Macroeconomic Report,
www.afdb.org/en/news-and-events/press-releases/africa-dominates-list-worlds-20-
fastest-growing-economicesdevelopment-bank-says-macroeconomic-2024-african-
developmentbank-says-macroeconomic-report-68751 (Retrieved on June 10, 2024).
African Development Bank (AfDP) (2021). African Development Bank Report on GDP
Trends. AfDB Annual Report.
African Development Bank (AfDP) (2010). Impact of the crisis on African economies –
sustaining growth and poverty reduction. A report from the Committee of African
Finance Ministries and Central Bank Governors established to monitor the crisis.
Aminu. U., Ahmad, A. H. & Salihu, M. (2013). Globalization and its impact on the
performance of the Nigerian economy. Munich Personal RePEc Archive (MPRA),
2(8), 1-16.
CFI Team (2024). Most-Favoured-Nation clause. Corporate Finance Institute,
https://corporatefinanceinstitute.com/resources/economics/most-favoured-nation-
clasue, Retrieved on June 4, 2024).
Chand,
S.
(2024).
What
are
the
four
levels
of
globalization?
https://www.yourarticlelibray.com/globalization/what-are-the-four-levels-of-
gloalization/22642. Retrieved on June 4, 2024).
Edidem, B. M. &. Olufemi, A. B. (2024). Effect of globalization on third world
development: The Nigerian Experience. African Journal of Social Sciences and
Humanities Research, 7(2), 148-165.
Fukuyama, F. (1992). The End of History and the Last Man. New York: The Free Press, pp.
68-69, 133-34.
Griffin K. & Khan, A. R. (2022). Globalization and the developing world: An essay on the
international dimension of development in the post-cold war era. Human
Development Report- Occasional paper 2.
Incekara, A. (2013). Impact of globalization on entrepreneurship in developing countries.
Onsekirz Markt University, Turkey.
International Labour Organisation (ILO) (2021). Insight on informal sector. ILO COVID-19
and Labour Market Report
James, P., Steger. M. B. (2014). A genealogy of globalization: the career of a concept.
Globalization, 11 (4):417-434.
Krugman, p. &Obstfeld, M. (2017). International economics: Theory and policy. New
Jersey: Pearson Education.
Kyove. K, Streltsova. K, Odibo. U, & Cirella. G.T (2021). Globalization Impact on
Multinational Enterprises. World Review Journal, 2 (1), 216-230.
Michael, C. (2024). Africa’s GDP giants: Top 10 largest economics of 2024 – IMF, Business
Day, April 23, https://business.ng/new/artide/Africas-gdp-giants-top-10-largest-
economies-of-2024-imf/ (Retrieved on June 9, 2024).
Nadjla,
B.
(2024).
Globalization
in
Algeria.
https://medium.com/@naija.boug
17/globalization-in-algeria-34256bc83844 (Retrieved on June 9, 2024).
Obaseki, P. J. (2022). Globalization and the Nigerian Economy. CBN economic and
Financial Review, 38(2), 17-33
Obialor, D.C, Uwah. U.M, & Ele, L.E. (2022). Globalization and Information and
Communication Technology I Manufacturing Industry, Owerri, South-East, Nigeria.
NDA Journal of Management Sciences Research, 2 (2), 85-89.
Okon, G.E, Obialor. D.C, & Akpan, P.L. (2024). Medical Tourism: Globalization of Socio-
Cultural and Economic Development in Nigeria. International Journal of Economic
Development Research and Investment, 14 (3), 137-150.
Owusu, M. (2015). Third world – the third world and the post-cold war international system.
International Encyclopaedia of the social & Behavioural Sciences (Second Edition).
Rao, R. K. (2013). Globalization and its impact on Ethiopia. The Business & Management
Review, 3 (4), 57 – 70.
World Bank Report (2024). The word Bank in Ethiopia. World Bank Group,
www.worldbank.org/en/country/ethiopia/overview/(Retrieved on June 10, 2024).

DOWNLOAD PDF

---

Back