See the below image for the Globalization measuring the global economy diagram. Economic globalization is measured by the actual flows of trade, foreign direct investment and portfolio investment, as well as the restrictions applying to these flows.
In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture.
The Globalization Index also measures economic integration. It tracks the movements of goods and services by examining the changing share of international trade in each country’s economy, and it measures the permeability of national borders through the convergence of domestic and international prices.