For last few decades, fair globalization has been one of the biggest challenges. The fair custom of how to shape the growing combination of economies and societies in a social and democratic way are widely discussed. In the context of global economy and global governance, Least Developed Countries (LDCs) are mostly confronted with the effects of globalization and without having enough opportunities to take a deeper look at the underlying issues and to analyze political options for dealing with the global challenges.
The word “globalization” has many dimensions, which imply different meaning for different people worldwide. Some focus on the economic dimension and hence emphasize on the global economy, whereas others focus on the trade which includes intra-industrial trade, emerging market economies multilateral governance and services. Besides this, few others focus on the cultural dimensions of this phenomenon and how globalization has affected different aspects of their culture, still some focus on the political aspects of the structure of globalization.
In a compelling scenario of the sensation of alluring globalization, Pakistan has entered the 21st century with unsure intuition of hope and gloom in the context of realizing globalization-based economic development. Globalization is indeed the trendiest dynamic in the whole world. Pakistan’s ever-continuing status as a low income country, along with its serious problems of unsustainable economic growth performance and perpetual debt crises which have culminated into growing inflation and increasing incidence of poverty even in the contemporary regime of globalization, has become a prime cause of the widespread disillusionment and skepticism of Pakistani masses about globalization.
There is a difference of opinion regarding the desirability of globalization that simply implies openness and integration of the domestic economy with rest of the world in order to keep pace with dynamics of the international economy. The impact of globalization varies from country to country and from region to region depending on the level of social, economic and political developments as well as macroeconomic policies. Least Developed Countries (LDCs) have gained as well as suffered from globalization. Globalization is the need of the hour and no country can afford living in isolation. LDCs can counter the negative effects of globalization if they unite and adopt policies that adequately serve their genuine cause.
Like other LDCs, Pakistan’s economy requires abrupt reforms to triumph over the challenges because any more delay in initiating much-needed sector-specific reforms would further aggravate the situation.
In order to sustain the economy, Pakistan has to improve its taxation system because less than three million of Pakistan’s 175 million citizens pay any income tax and its tax-GDP ratio is just 9 percent. In this regard, Pakistani legislators must build a consensus to tax the elite to overcome the economic crisis. In Pakistan, it has also become the need of hour to shift focus on the maintenance of law and order and economic stability because it is the only way to sustain the economic growth and creating space for developed countries to invest in Pakistan. If the authorities do not focus on prevailing peace in current times of unrest and violence, the investors will take their money elsewhere in other countries where the safety and security is guaranteed.
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