According to the World in 2050 that was published in February 2017, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd), and Indonesia (4th). The result yields a greater understanding of international business because it projects that Most gross domestic product (GDP) is now produced outside the USA and outside Europe.
Having an understanding of international business operations is increasingly relevant to business graduates because international business programs provide students with an appreciation of the different business management activities found around the world. This trains them for graduate careers abroad or in organizations engaged in global business.
To be competitive in business, business graduate students need to build a global perspective. Studying international business helps them see how globalization has made industries, economies, people, and knowledge increasingly ‘linked’ across countries. It is already a necessity for business people in the 21st century.
Studying international business abroad is advantageous. Taking classes abroad will ensure that the student learns a new culture, and in the future, they will develop relationships that will benefit them for many years to come. International thinking ‘s inclusive nature means an organization can continue to expand as it embraces all the stakeholders.
This recent pandemic may change the shift the paradigm of international business, but surely, knowledge of the international business will still be relevant and helpful to succeed in this field.