1.Introduction

Economic globalization was first proposed by T. Wright in the 1990s. It is a complex network of mobile economies that can connect the world to achieve optimal resource allocation. Therefore, it continues to affect all countries. That is to say, the economies of various countries around the world influence and penetrate each other. Both developed and developing countries undoubtedly need to face it directly. Just like Wang Chenglan said Under the conditions of economic globalization, any country can only adapt and accept it [1]. Some scholars believe that globalization was born out of capitalism. When there were originally colonies, the root cause of poverty in these colonized areas came from globalization. Because those imperialist countries held the initiative in the economy. Over time, economic globalization continued to enter new stages. Its impact on countries was also becoming stronger. Developed countries have been promoting the development of globalization as beneficiaries. As developing countries gradually reform their policies and open up their economies, globalization slowly brings benefits to them. More and more countries are integrating into this economic wave, which means that the global market economy is being unified. At the same time, it will take the efforts of all countries around the globe to make globalization fairer for each and every country, and Halonen also said that it is a long process of events that will make globalization fair or fairer. And it will not end on any particular date [2]. And now, globalization is reaching a peak that history has never seen before. More inclusiveness, fairness, and stability are also new spokespersons for globalization.

2.The Role of Developing Countries in the Process of Globalization

In today's globalization, developing countries play important and diverse roles. The economic backbone of some developing countries remains low-cost low-end industries. Some developing countries use their natural environmental resources as products to support economic development. As major participants in the manufacturing and service industries, they have become an indispensable part of the global economy. Although the production capacity and value of these economic industries cannot be compared to the high-end and cutting-edge industries of developed countries, they are also continuously driving the vigorous development of the economy. For a long time, developing countries have been a vulnerable role in globalization. Because they lack technological and capital advantages. In history, these countries have been subjected to colonial rule and exploitation. After they became independent, the economy was in a state of no status. Globalization was a worsening presence for developing countries before. This poses challenges to the value and economic security of its industry. However, it must be acknowledged that economic globalization is a necessary path for the development of the world economy. So for developing countries, the only thing they can do is reform, and then accept and adapt to the world economy. Greaves believes that developing countries must do their best to acquire these technologies if they are to compete effectively in the world market. It would be unwise to give up advanced national technologies [3]. Developing countries in the new era are constantly discovering opportunities, reforming policies, and seizing opportunities in the wave of globalization. The question of why developing countries could not get rid of economic globalization was answered by Hou Linlin. She mentioned that the development of productive forces and economic globalization were mutually reinforcing. That is to say, the development of productive forces to a certain level will promote the birth and development of economic globalization. And the progress of economic globalization is also rapidly promoting the strength of productivity [4]. These countries have gone from being swept by the trend of globalization and stumbling forward to slowly following along. They increase exports by actively participating in multilateral trade negotiations and establishing some free trade agreements. Some developed countries, on the other hand, value the economic potential hidden in developing countries to increase investment. This is one of the important roles that developing countries play in the global economy. In the context of globalization, developing countries need to find a balance between their local and global economies. Developing countries have large-scale markets and a growing middle class that can provide huge demand. This is an important role for developing countries as global economic growth. Therefore, its importance in globalization cannot be underestimated. Although important, developing countries also face many challenges.

3.The Macroeconomic Challenges of Globalization to Developing Countries

In the era of globalization, developing countries are facing increasingly complex macroeconomic challenges, which not only shape their economic destiny but also determine their position on the international stage. Globalization not only promotes cross-border cooperation, technological innovation, and cultural exchange but also brings a series of profound economic issues. For example, issues such as trade balance and financial challenges. Developing countries are at a disadvantage in the trend of economic globalization. Therefore, Wang Chenglan believes that some countries, especially developing countries, should pay attention to the shortcomings brought about by the globalized environment when participating in globalization [1]. Developed countries, as the first to enjoy the benefits of globalization, have always been in a dominant position. That is to say, they constantly promote economic globalization and take the initiative. Xiong Jie mentioned that the development of economic globalization most of the time is conducive to the expansion of the relations of production of capital for the reason of capital's boost [5]. Although developing countries play an important role in global trade, some countries still face issues such as trade deficits, unequal market access, and price fluctuations. Negative impact on macroeconomic stability. The volatility of external financial markets, exchange rate fluctuations, and global financial crises may have profound impacts on the macroeconomic performance of these countries. In this context, we will explore the macroeconomic challenges faced by developing countries in globalization and conduct an in-depth analysis of the essence and impact of these challenges.

3.1.Trade Challenges

With the increasing integration of the global economy, economic globalization has brought a series of trade challenges to developing countries. These challenges involve multiple aspects such as trade market access and trade deficits. This will have a profound impact on the economies of developing countries.

Firstly, market access is one of the challenges that developing countries often face in economic globalization. Although globalization has opened up a broader international market, some developed countries still set trade barriers and blockade on developing country products, restricting their entry into developed country markets to compete with their industries. Secondly, there are fierce competition issues in different countries. Developing countries started their economic industries later than developed countries. After World War II, they were even seized by developed countries. Developed countries have occupied the majority of the market share with their high-end and mature technologies. This has further undermined the position of developing countries in the global value chain, making it difficult to obtain a fair market share. Therefore, developing countries need to develop their industries according to their national conditions and continuously improve their technological level to adapt to fierce competition in globalization. Finally, the trade deficit is a significant trade challenge that exists within it. Developing countries often play the role of low-end product manufacturers. And they often need to import many high-end products. This creates a trade deficit and triggers macroeconomic shocks. When facing these trade challenges, developing countries can enhance their response capabilities through a series of measures. This includes strengthening international trade negotiations and promoting the establishment of more equitable international trade rules; Increasing the level of industrial technology and increasing the added value of products to enhance their position in the global value chain; Reducing dependence on a single market and product by diversifying trading partners and product structures; And strengthen the opening and competition of the domestic market, and improve the international competitiveness of enterprises.

3.2.Financial Challenges

In the context of globalization today, the financial sector of developing countries is facing complex and severe challenges. These challenges involve multiple aspects such as monetary policy, stability of the financial system, and fluctuations in international financial markets. Krugman concluded that the risk of financial crisis is even more severe in the development of globalization [6]. It has a profound impact on their macroeconomic situation. Firstly, in the financial field, monetary policy is a core issue. Many developing countries are constantly adjusting their monetary policies to cope with inflation, maintain exchange rate stability, and promote economic growth. For example, Venezuela's inflation rate has reached an astonishing 137.1%. However, amidst this situation, the U.S. still hinders the import of refined raw materials from Venezuela. As a result, Venezuelan market prices fluctuated widely and inflation accelerated. However, in the context of globalization, the monetary policies of each country interacted with each other. As a result, exchange rates fluctuated and macroeconomic uncertainty increased. Second, the stability of the financial system depends on its ability to respond to diverse domestic and international threats. Small changes in global financial markets could trigger major storms in individual countries. Domestically, factors such as debt, credit, and the management of financial institutions could affect the financial system and lead to financial crises. Finally, the volatility of international financial markets increases the complexity of financial challenges. Global capital flows, drastic fluctuations in foreign exchange markets, and instability in commodity prices can all have profound impacts on financial markets. These factors make international investment and trade more unpredictable, increasing the operational risks of enterprises and financial institutions.

4.The Macroeconomic Opportunities of Globalization for Developing Countries

Economic globalization is a double-edged sword. It brings both challenges to developing countries and broad and far-reaching macroeconomic opportunities. For example, export growth and increased investment. It also provides diverse development opportunities for developing countries, helping them shape their economic status on the international stage. Brailsford also noted that while international trade volume ceased in 2019 and 2020, it recovered strongly in 2021 and 2022 and is expected to continue growing in 2023 [7]. This paper selects countries participating in the the Belt and Road Economic Development Project. Observe their GDP development status. As shown in figure 1, it can be seen that their GDP has shown stable growth during the six years of globalization. Due to the impact of the COVID-19 in 2019, their GDP showed a downward trend. But after the epidemic period, their economies regained vitality. Ding Yi said that some developing countries could seize the opportunities brought to them by economic globalization. This is because economic globalization has led to the development of global productivity. It is like a double-edged sword for developing countries. They can take advantage of this opportunity to rapidly develop their own economies and catch up with the developed countries [8]. However, to fully utilize these opportunities, developing countries can only choose to unite and actively participate in globalization. Strive to move towards the forefront of the economy with its own industrial advantages and natural resource conditions. They need to take proactive policy measures, strengthen international cooperation, enhance their competitiveness, and ensure that the dividends of globalization benefit all social levels more equally. By adopting flexible policies and in-depth structural reforms, these countries can better adapt to the trend of globalization and achieve sustainable economic growth.

Figure 1:GDP change trend of some developing countries in the the Belt and Road

4.1.Growth and Diversification of Exports

The wave of globalization is driving the export growth and diversification of developing countries. This phenomenon is inevitable. There are a number of factors behind this change, including greater market freedom and openness, gradual improvements in global supply chains, and technological advances in national industries. First of all, developing countries have been affected by economic globalization and have carved out export markets that are freer and more liberal than before. By signing many free trade agreements and joining international organizations, developing countries have gained much access to international markets. This has allowed for greater marketing and created more export opportunities. Second, the development of the GSC brought an increased demand for production to developing countries. They are already part and parcel of the GSC. These developing countries actively participate in global production networks. Produce specific products through division of labor. This can demonstrate the specialization and division of labor among developing countries in producing products, thereby achieving more efficient production. This promotes the diversification of exports. Finally, the trend of economic globalization has prompted developing countries to increase their emphasis on technology. Compared to traditional and outdated production technologies, advanced production technologies now enable these countries to better integrate into the global value chain, and process, and produce higher value-added products. Different technologies have led to improved product quality and increased diversification. At the same time, it also promotes economic development. Garcia's study shows that the impact of globalization on firm internationalization is related to the stage of economic growth [9].

4.2.Increase in Investment

Investment growth will also become a significant advantage for developing countries as they integrate into economic globalization. This trend stems from changes such as the acceleration of global capital flows and the improvement of the investment environment. This has brought rich opportunities and challenges to developing countries. Firstly, globalization makes it easier for developing countries to attract foreign investment. An open market, a friendly investment environment, and a reformed new system have become important factors in attracting foreign investment. For example, China actively expands the participation of overseas financial institutions in its domestic financial market and expands the scale and scope of foreign investment utilization in the service industry. By reducing regulatory barriers, providing incentives, and improving infrastructure, developing countries have successfully attracted a large amount of foreign investment, driving their economic growth. Secondly, the formation of global value chains has prompted multinational corporations to invest more actively in developing countries. These companies are gradually realizing that in the context of globalization, dispersing production processes to different countries can help improve efficiency, reduce costs, and adapt to local market demands. This has led to more direct investment flowing to developing countries, promoting the development of their manufacturing and service industries. Zhao Yonghai referred to the fact that economic globalization has provided developing countries with a large amount of investment. Whether it is outward investment from developing countries or international foreign investment into their countries. This share is constantly increasing [10].

5.Conclusion

Taken as a whole, developing countries face both major macroeconomic challenges and major opportunities in the context of globalization. Among these, trade and financial challenges are among the issues that developing countries face in the current era of economic globalization. Given the existing economic base of developed countries and their advantages in scientific and technological development, these developing countries need to adopt proactive and effective policies to improve their competitiveness. At the same time, economic globalization offers important development opportunities for these countries. By promoting export growth and diversification and attracting more investment, developing countries are expected to play a more important role in the global economy. The GDP of developing countries along the One Belt One Road shows that their economies are not affected by globalization and are growing steadily. Overall, to achieve sustainable development, these countries need to balance the tide of globalization and develop appropriate policy frameworks to better adapt and lead in the global economy.