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Working Paper 61 - Linking Africa to a Changing World
During the last decade of the 20th century, ‘Globalization’ has been the name of the game throughout the world economy. Globalization, defined as the integration of production, distribution, and use of goods and services among the economies of the world, has been manifested at a factor level in the increasing flows of capital and labor, and at the product level in resounding growth in world trade above and beyond the growth of world output. In the last decade, international trade in goods and services has grown twice as fast as global output. In the same period, developing countries as a whole have increasingly assumed a larger role in world trade with their share climbing from 23 to almost 30 percent. Developing regions claimed 30 percent of global FDI stock in 1997.