Globalization and Interdependence

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Globalization offers both opportunities and challenges to the world. The world has been progressing, however, some nations are extremely more developed than others proving that there is an inequality between countries. No concrete action in combating inequality between countries.  In order to properly move forward, developed nations must help developing nations advance in areas they lack in.

One trend that is always innovating is technology. New technologies have lead us to the fourth industrial revolution. The rapid pace of science and technology has fundamentally changed economies and societies. There has been economic growth as we are recovering from global economic crises. Developing nations have growing GDPs, however, they are far from reaching the goal of eliminating inequality by 2030. Therefore, while keeping progress within ethical boundaries, we must create and share opportunities with them.  Technology transfer is vital to the development of countries. In terms of the economy, international trade is also important for development. There needs to be both economic growth and an eradication of poverty. With respect to national policies, the trade should also be non-discriminatory.

We must also tackle climate change on a global scale. Emissions reduction are not meeting what is needed and environmental protection must be a priority. Without doing so, industries are promoting future natural disasters. Speakers also brought up the topic of global migration and refugee crisis. Migration is a population change, and governments need to be able to provide better transit and destination for these large flows of international migrants. Contrary to what some people believe, migrants provide economic and social development in host countries. They add fresh skills to the economy, making migration an enabler of development. However, they need full respect for human rights, regardless of their migration state. Effective social communications in host countries are needed to combat issues like xenophobia. Migrant children are also a vulnerable population, and measures must be taken to provide for their health and education.

Globalization will help the world, but as mentioned, it is far from being equal, and therefore, need more multilateral cooperation to prepare for the future.  There needs to be more of an equitable spread of globalization as we attempt to make progress toward the goal of sustainable development.

Meeting:  Economic and Financial Committee: Globalization and interdependence – Item 22

Location/time/date:Conference Room 2, UN HQ-NYC; 10:00 PM – 12:45 PM, October 19, 2018

SpeakersDirector of the International Organization for Migration (IOM),   Economic Analysis and Policy Division of the Department of Economic and Social Affairs

Written by: WIT Representative Yasmeen Razack

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