How Outsourcing effects the Global market?

Since the past ten years, we have seen the world emerging from just foreign trades to Globalizing IT, customer service etc. One would wonder how third world countries like India and China would play a major role in outsourcing. Generally, Third world countries are highly populated and have more educated people. Therefore, they have more people unemployed and those of who are ready to work for fewer incomes.

Third world Countries like India, Pakistan, Bangladesh whose second language is English has highly skilled people who are ready to work around the clock. However, North and South America has less population and more projects to be done for low budgets. It works out perfectly for either of the countries because one projects done while the other wants to have fewer unemployed people in the country and also to help grow the economy. India, after introducing outsourcing has grown economically.

Although China is not an English speaking country, it has a lot of resources and skilled people who need work. North America and UK on the other hand always have work to be done. Therefore, work is outsourced from First and Second world countries to third world countries. Mostly because it is economical for them.

To conclude, outsourcing has played a vital role over the years in the global market. If it was not for outsourcing, Third world countries would be challenged financially and economically.