Globalization In Malaysia Essay

Globalization has a huge impact to nearly every aspect of life in this modern era. Globalization refers to the movement towards a borderless world and the interdependence of global economies. In other words, we can consider globalization as an economic integration of the world through the greater trading, investments, marketing demands and the dispersion of technologies. It involves other aspects of life such as exchanging thoughts and ideas from all over the world and some of the people are also moving to other countries. However, the speed of globalization varies from nation to nation and sector to sector. Generally, globalization not only can be seen in the economic activities, it also includes the proliferation of technologies where

In fact, it is one of the major factor to Malaysia’s astounding economic development and growth. Malaysia’s economic sector has been improving year by year just because of globalization. In year 1993, our country had reduce the tariffs on 75% of the imports but somehow the non-tariffs had converted into tariffs, generally for import licences which includes approval permits(AP). Just because of this, Malaysia has gained advantages from increasing of exports of manufacturing and consumer welfare has also been improved. Furthermore, Malaysia's Gross Domestic Product (GDP) ratio has increased whereas the trade liberalization decreased and it indicates the increase in economic liberalization year by year. Economic liberalization has indirectly made the economy increasingly susceptible to external shocks as well as undermined the extension of domestic industrial capacity and

However, in Malaysia, we should know and realize that the globalization maybe will give us the favorable impact and also the adverse impact. For the future of our country especially in the areas of economic, politics and social and communities, what we want to do is to ensure that globalization can bring us more positive impact which will benefit us instead of negative impact. So, we should cooperate and unite together as a strong nation, build strong bond with each other and improve as well as to achieve the ‘Vision 2020’ Malaysia plan on globalization in order to be a fully globalized country. Last but definitely not least, globalization may become a key to success or a way to become a developed country; however, it may also become a key to failure when the country cannot manage it