What does shrinking world mean

It means that it is now easier to access other parts of the world, for example it's easier to communicate with other and is easier and faster to travel to other places due to advances in technology and you can also talk to people on the other side of the world due to the internet

Um if you mean shrinking. It means things are getting smaller and are downgrading in size.

If you are talking world related "shrinking world" it means that organisms, plants and that are getting smaller. And everything in the Earth is getting smaller.

Also meaning that it is easier to talk to people across the world because they are not as far away. And that just it is easier to access everything I guess.