Impact Of Globalization On Foreign And Local Suppliers Essay

Virtually, all industries in Thailand can be argued to be partaker of this industrialization boom experienced, because of both direct and indirect influence of globalization. However, the economic contributions of these industries to Thailand GDP varies. Nevertheless, the effects of globalization common to these industries is the increase in B2B relationship and presence of both foreign and local suppliers. As argued by scholars of globalization, globalization brought both pro and cons to economies. In the case of Thailand, it was argued that the globalization has influenced industrialization of which higher percentage can be attributed to the SMEs in manufacturing sector who produces and export their produce (Pardo, 2007). From the report by Yoshino, Taghizadeh-Hesary, Charoensivakorn and Niraula (2015), the activities of SMEs in Thailand within the year 2007 to 2011 constitute to the increased in economy growth accounted for about 37.0% of Thai’s GDP and produces around 80.4% of employment opportunities in Thailand. However, during the same period, reports from Yoshino et al (2015) is that the SMEs in manufacturing sector experience a decrease employment rate for almost 6.2% because of the decrease in the sector’s growth rate. Furthermore, it was reported that the overall SME in Thailand experience a decrease in growth rate of 1% from 8.3% to 7.3% between the year 2010 to 2012. On the other hand, despite the Thai government intervention to foster and maintain growths ofShow MoreRelatedGlobalization : A New Way For International Trade1392 Words   |  6 Pagesgrowing. While that sounds promising, globalization is also becoming one of the most debated issues and coming under much criticism. 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