There is also another good term -
emerging economy
or
emerging market economy
which means a
nation’s economy progressing toward becoming developed and advanced.
Though it once reigned alongside the United States as a
world superpower, Russia is not classified as a
developed country
as of 2015.
Now let’s talk about the term «global» and some combinations with it.
Global village / global economy / global trade
Global village
- the idea that we became a single community due to affordable and effective
transportation, mass media, and electronic communications.
People are afraid that the evolution of a
global village
will raise conflicts between cultures.
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