KOF Globalisation Index
A measure of economic
OPEC (Organization of the Petroleum Exporting Countries)
An intergovernmental organisation of major oil-producing countries that coordinate oil production to influence global oil prices.
LLDCs (Landlocked Developing Countries)
Developing countries with no direct access to the sea
Global superpower
A country with dominant global influence through economic
G7
A group of seven of the world’s largest advanced economies that meet to discuss global economic stability and policy coordination.
G20
A group of nineteen major economies plus the European Union that work together on global financial stability and economic cooperation.
OECD (Organisation for Economic Co-operation and Development)
An organisation of 38 mainly high-income countries that promote economic growth
Economic migrant
A person who moves to another country primarily for better job opportunities or higher income.
Remittances
Money sent by migrants back to their home country.
Labour surplus
A situation where there are more workers seeking jobs than available employment opportunities.
Labour deficit
A shortage of workers in a labour market.
Downward harmonisation
When countries lower regulations or standards to match less strict trade partners in order to compete.
Foreign Direct Investment (FDI)
An investment where a company or government acquires ownership or control of a business in another country.
Outsourcing
The practice of hiring external companies
TNC (Transnational Corporation)
A large company that operates production and business activities in multiple countries.
Global strategy
A business plan that coordinates operations across multiple countries to operate as a fully integrated global company.
Supply chain
The network of companies
International aid
Financial or technical assistance provided by developed countries to developing countries.
Bilateral aid
Aid given directly from one country to another
Multilateral aid
Aid provided by multiple countries through international organisations such as the United Nations or World Bank.
Loan
Borrowed money that must be repaid with interest.
Debt relief
The reduction or cancellation of debt owed by developing countries to improve economic stability.
HIPC (Heavily Indebted Poor Countries Initiative)
A programme launched by the IMF and World Bank to reduce debt burdens of the world’s poorest countries.
MDRI (Multilateral Debt Relief Initiative)
An initiative that cancels 100% of eligible debts owed by poor countries to major international financial institutions.
