World is becoming a global village, owing to which globalization is peeking up pace. Some people believe that it has positive impact on economy. I partially agree with this statement due to enhancement in international trade and drop in local business. Commencing with some of the points which impetes the economy of the country. First and foremost point is that i it enhances the trade worldwide by importing and exporting goods from other countries. However, it helps people to become familiar with international people owing to which there is enhancement in cultural harmony. Moreover, worldwide trade also increases GDP of the country as new innovations like mobile phones also helps people to improve their standard of livings. Apart from this, there are many industries which provide employment to many people as a consequency of which unemployment rate of the country drops. Nevertheless, one should not neglect the site of the fact that it threatens to the the local business, use of imported products decreased the demand of local goods. Furthermore, construction of zones leads to exploitation of natural resources which is detrimental for the environment. Sometimes, number of imported goods are more than the goods exported which results in disequillibrium in BOP. To recapitulate, in my opininion there are ample of advantages of globalization but threat to local market is the major concern as it would affect the lives of local businessmen and the country should import goods equal to the exports. 
World is becoming a global village, owing to which globalization is peeking up pace.  
Some
  people
 believe that it has  
positive
 impact on economy. I  
partially
  agree
 with this statement due to enhancement in international trade and drop in  
local
 business. Commencing with  
some of the
 points which  
impetes
 the economy of the  
country
.  
First
 and foremost point is that i it enhances the trade worldwide by importing and exporting  
goods
 from other  
countries
.  
However
, it  
helps
  people
 to become familiar with international  
people
 owing to which there is enhancement in cultural harmony.  
Moreover
, worldwide trade  
also
 increases GDP of the  
country
 as new innovations like mobile phones  
also
  helps
  people
 to  
improve
 their standard of livings. Apart from this, there are  
many
 industries which provide employment to  
many
  people
 as a  
consequency
 of which unemployment rate of the  
country
 drops.  
Nevertheless
, one should not neglect the site of the fact that it threatens to  
the the
  local
 business,  
use
 of imported products decreased the demand of  
local
  goods
.  
Furthermore
, construction of zones leads to exploitation of natural resources which is detrimental for the environment.  
Sometimes
, number of imported  
goods
 are more than the  
goods
 exported which results in  
disequillibrium
 in BOP. To recapitulate, in my  
opininion
 there are ample of advantages of globalization  
but
 threat to  
local
 market is the major concern as it would affect the  
lives
 of  
local
 businessmen and the  
country
 should import  
goods
 equal to the exports.