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ISSN : 2765-6934

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Vol.3 No.2

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The impact of globalization on business and economic development in Zimbabwe

Asian Journal of Business Environment / Asian Journal of Business Environment, (P)2765-6934; (E)2765-7027
2013, v.3 no.2, pp.31-37
Stephen Mago (Zimbabwe University)
Gabriel Musasa (University of Fort Hare)
Jephias Matunhu (Midlands State University)
Stephen, M. , Gabriel, M. , & Jephias, M. (2013). The impact of globalization on business and economic development in Zimbabwe. Asian Journal of Business Environment, 3(2), 31-37.

Abstract

Purpose - This paper objectively analyzes the effects of globalization on Zimbabwe’s business and economic development using the Business in Context (BIC) model. Research design, data, and methodology - We employed a qualitative research methodology, following an exploratory secondary research design in this paper. Results - The findings reveal that businesses in Zimbabwe have benefited from globalization as it has drawn investments from international companies in the country. In addition, the business sector is benefiting from the economies of scale realized from the investments made by companies in Africa, East Asia, Europe, and America. However, we also discover that globalization has resulted in the proliferation of cheap sub-standard goods and services from East Asia, and has increased competition between indigenous companies and foreign-owned multinationals. Conclusion - Our findings suggest that globalization has both positive and negative effects on business and economic development in Africa in general, and Zimbabwe in particular. However, we note that the advantages, to a certain extent, outweigh the disadvantages. What, then, could be the way forward for Zimbabwe, in the face of globalization? As a solution, this paper recommends the development of a policy on global associations by the Zimbabwean government, to enhance business and economic development.

keywords
Globalization, Global Economy, Business, Economic Development, Zimbabwe.

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