Years ago, top economists and business experts highlighted the impact that growing economies would have on advanced nations. Currently, the global business world has witnessed third world economies rising and competing with the advanced nations’ economies. Third world countries are often referred to as the newly industrializing countries because their economies are rising. Subsequently they are gaining relevance in the global market.
The impact of these countries on the economies of the advanced nations is two-fold. Two-fold in the sense that the impact experienced is either positive or negative.