Impact of Social, Financial, Political and Economic Globalization on Poverty: A Case Study of Pakistan
Abstract
Advocates of globalization view it as a key to future improvement; by and large, it is viewed as a positive power for enhanced personal satisfaction, speeding up of economic development, proficient designation of assets and more noteworthy efficiency upgrades. The study investigates and surveys the effect of economic, financial, political and social globalization on poverty reduction in Pakistan. Various proxies have been used for all types of globalization and indices for them are generated through Principal Component Analysis (PCA). The motivation behind index construction is to foresee outcomes on poverty through the easily available data on globalization. Time series data on Pakistan’s economy from 1988 – 2023 had been used to capture effects on poverty reduction in the presence of ARDL approach. Considering the revelations, the research proposes that economic, financial, political, globalization, and globalization contribute to poverty reduction. The results of social globalization show no negative impacts on poverty. This can be due to the increasing awareness and conscious regarding brands and contributes more towards relative poverty. Henceforth, policymakers ought to build the inflow of FDI, increase remittances and trade through security procurements to financial specialists, political dependability and macroeconomic steadiness. Upgradation in import substitutes, commercial ventures, and numerous different variables are required to control destitution.
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