How does manufacturing industry depict the development of a country?
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Globalization has changed the world of manufacturing over the past 20 years. Many companies have moved their production elsewhere only on the basis of lower labor costs, which are no longer geographically bound.
As a result, more developed countries have lost their manufacturing and many jobs.
This trend is slowly reversing today, partly because of the rising labor costs in many emerging economies and the factors that led to relocation.
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