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Before the formulation of World Trade Organization (WTO), there were a lot of barriers in international trade throughout the world. However these barriers seem to be abolished to some extent as member countries of the WTO exceed the figure of 150. All the member countries including Pakistan have agreed and accepted the agreement and principles of WTO like Non-Discrimination, Reciprocity, Binding and Enforceable Commitments and Transparency. According to the World Bank, a lot of fruits have been achieved through this globalization like poverty and income disparity reduction. While considering the case of Pakistan, it seems that Pakistan has not achieved much from the globalization. The poverty condition has been worsening as 65 percent of the people are living below the one dollar poverty line.
Being an economist, analyze the factors which are causing economic slowdown rather than a boost in result of globalization.
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