what is global economy in contemporary world

The global economy refers to the interconnected worldwide economic activities that take place between multiple countries. It is a system that allows countries around the world to obtain any resource they may want, whether or not it is produced on the home front. The global economy comprises several characteristics, such as globalisation, which describes a process of increasing interconnectedness between countries, and the movement of goods, services, and people across borders. The global economy has changed significantly over the past few decades, in the way that it is organised and governed by collaborating nations. The global economy allows us to eat the foods we want all year round and buy clothing and gadgets at lower prices. However, during times of unrest, dependence on outside nations, in a global economy, may seem scary. The future for the global economy is positive, but many challenges lie ahead.