The world economy has changed profoundly as evident by the fact that the global competitors have steadily displaced or absorbed local competitors.

Question

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Globalization has facilitated the entry of multinational corporations into various local markets, leading to increased competition. This has often resulted in the displacement or absorption of local competitors, as these global entities typically have more resources, advanced technologies, and broader market access.

The World Economy Has Changed Profoundly as Evident by the Fact