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Research Article | Open Access
Volume 14 2022 | None
THE BENEFITS AND DRAWBACKS OF OUTSOURCING IN THE GLOBAL ECONOMY
CS Ruchitra Kaparan
Pages: 2989-2993
Abstract
The study analyzes the pros and cons of outsourcing in the international business world. Many companies now use outsourcing as a strategy for cutting costs, boosting productivity, and gaining access to niche skillsets. Quality assurance, management oversight, reliance, local employment, and geopolitical and regulatory threats are some of the difficulties that may arise. This paper's goal is to give a thorough comprehension of the effects of outsourcing on firms and the global economy by investigating these aspects. Offshoring is another name for outsourcing. Many Thai businesses may benefit from this strategy. However, they are also benefits of outsourcing. The purpose of this study was to examine the positive and negative effects that encouraging outsourcing would have on the economic and commercial activity in Thailand. This research used a sampling approach to choose 20 businesses in Thailand, all of which were small or medium-sized businesses, and all of which were well-known for their use of outsourcing. In a general equilibrium model of outsourcing and trade, we investigate the factors that determine where work is subcontracted to be done.
Keywords
Outsourcing, Global economy, Trade,Advantage
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