Introduction

Name for the process of increasing the connectivity and interdependence of the world's markets and businesses. This process has speeded up dramatically in the last two decades as technological advances make it easier for people to travel, communicate, and do business inter nationally. Two major recent driving forces are advances in telecommunications infrastructure and the rise of the internet.

"Globalization" refers to the growing interdependence of countries resulting from the increasing integration of trade, finance, people, and ideas in one global marketplace. International trade and cross-border investment flows are the main elements of this integration. The term can also refer to the transnational circulate of ideas, languages, popular culture through acculturation. An aspect of the world which has gone through the process can be said to be globalized. Globalization, since World War II, is partly the result of planning by politicians to break down borders hampering trade. Their work led to the Bretton Woods conference, an agreement by the world's leading politicians to lay down the framework for international commerce and finance, and the founding of several international institutions intended to oversee the processes of globalization. Globalization was also driven by the global expansion of multinational corporations based in the United States and Europe, and worldwide exchange of new developments in science, technology and products, with most significant inventions of this time having their origins in the Western world. A number of international institutions established in the wake of World War IIincluding the World Bank, International Monetary Fund (IMF), and General Agreement on Tariffs and Trade (GATT), succeeded in 1995 by the World Trade Organization (WTO)- have played an important role in promoting free trade in place of protectionism.

Economic overview of Pakistan

The economy of Pakistan is 47th largest in the world (in nominal terms) and 27th largest in the world (in absolute dollar terms). Pakistan has a semi-industrialized economy, which mainly encompasses textiles, chemicals, food processing, agriculture and other industries. Growth poles of Pakistan's economy are situated along the Indus River, diversified economies of Karachi and Punjab's urban centers coexist with lesser developed areas in other parts of the country. The economy has suffered in the past from decades of internal political disputes, a fast growing population, mixed levels of foreign investment, and a costly, ongoing confrontation with neighboring India. Historically, Pakistan's overall economic output (GDP) has grown every year since a 1951 recession. Despite this record of sustained growth, Pakistan's economy had, until a few years ago, been characterized as unstable and highly vulnerable to external and internal shocks. However, the economy proved to be unexpectedly resilient in the face of multiple adverse events concentrated into a four-year (19982002). Economic Growth is to serve the real interests of the society. If the horse misbehaves in some societies, leading to deprivation of many human lives, then the fault is not of the horse but the rider. Economic growth is essential in poor societies but even more is structure and distribution Pakistan is a mixed economy consisting of a public sector domination of major sectors of the economy, which is changing very quickly under the freer market agenda of WTO making the role of government to minimum level under the globalization policies guided by World Bank and IMF. Although with the growing awareness among the intelligentsia of the country about the core issues of development not being address appropriately yet we have seen the growth role of institutions of globalization mentoring the economic direction of the country. In the preview of economic sanctions imposed on Pakistan in 1998, political instability, state-of-war with India, and most importantly the 11th September Crisis has not been able to hamper the country which these events has the potential.

Pakistan is the only country in South Asia that has recorded a lower rate of growth in the 1990s than in the preceding decades. Suspension of the convertibility of the foreign currency deposits, and the London and Paris Club rescheduling, were essential in the short run, but they will tend nevertheless to compromise Pakistan's ability to borrow internationally for years to come. The social indicators literacy, mortality, fertility, and poverty remain poor, even for a country with Pakistan's per capita income, and the squeeze on the budgets of the provincial governments suggests that this is unlikely to improve much in the short run. The country clearly faces a difficult challenge in reviving its economy and in achieving level of social standards in which it can begin to take pride.

Pakistans experience
Pakistan liberalized its economy as part of the structural adjustment conditionalitys of the IMF program and World Bank lending. Pakistans expansion in trade has not been as spectacular as that of some of the fast globalizes. Pakistans exports merchandize exports have not kept pace with that of the rest of the world. Pakistans experience with globalization between 1990 and 2002 has not been great. Pakistans share in the world merchandize exports has fallen from 0.16 to 0.15. Chinas share in world merchandize exports went up from 1.80 to 5.04. Malaysias share in world merchandize exports has increased from 0.85 to 1.44.

Summary
Mohammad Afzal in his article describe the Pakistans experience regarding globalization that In 1947 Pakistan emerge as a independent country on world map at that time Pakistan `s economy is unstable to overcome this problem of applied government a strategy of import substitution industrialization waste and equator associate development with is during 1950`s and 1960s. During 1960,ayub regime adopted some new policies functional inequality growth strategy highly protective industrial policy which positively affect the growth rate of economy and US experts direct involvement in the planning process. During 1970, Pakistan economy suffered as well as benefited from international events. During 1982-83 Pakistan applied strategy to liberalize the economy with the help of IMF and WORLD BANK by increasing the role of private sector. During 1990s Pakistan focus on privatization, liberalization of trade and foreign exchange and opening up its market to foreign investors: and today Pakistans economy is more open and liberal than it was two decades ago. Mohammad Afzal, 2007, to study the impact of globalization on the economic growth of Pakistan `s economy for the period 1960-2006 focus on different variable which are as follows nominal gross domestic product, public sector investment, private sector investment, trade openness, financial integration, human resource development. He gets annually data of these variables from economic survey and state bank of Pakistan. He applied unit root test, Johannes cointigration test and error correction model to study either the above mentioned variables have effect on economic growth or not. Cointigration test is applied to see the long run relationship between these variables and economic growth and then further he applied error correction model which combines the long run relationship which the short run dynamic of the model. From empirical study he found that public sector investment and private investment benefit the economic growth on the other hand openness and financial integration do

not have short run impact on economic growth. Overall his finding explains that Pakistans economy benefit from globalization.

Critical review
Like many other developing countries Pakistan as well get on a path towards integrating its economy with global economy through liberalizing its investment and trade regimes with the expectation that it will stimulate economic growth and improve the living standards of the poor. Globalization while leading to reduction in poverty has at the same time exacerbated income inequality. It is contended that if Pakistan wants to reap maximum benefit from economic globalization, it needs to be accompanied with adoption of pro-poor growth policies which emphasize investment in human development and provide a structure for social safety nets for the poor. Trade has always been considered a vital engine of growth and development of a poor country may depend upon its securing adequate trade expansion. According to UN (2004) report most LDCs undertook deep trade liberalization in the 1990s. They also received some degree of preferential market access from developed and developing countries. But trade liberalization plus enhanced market access does not necessarily equal poverty reduction. Overall, the studies show that globalization reduces poverty in the long-run, generates employment opportunities but worsens inequality. It is purported that trade liberalization aspect of globalization is a necessary but not sufficient condition for growth. There are other mediating factors which affect the growth of the economy ranging from political and institutional framework to historical trend in macroeconomic variables included but not limited to population, inflation, investment and government spending dynamics.

Many LDCs are in the paradoxical situation that they are the ones needing the multilateral trading system the most, but they find it hardest to derive benefits from the application of its central general systemic principles: liberalization and equal treatment for all its members. In short, globalization is a contested concept. However, in general it is considered to be beneficial for the growth of economy. But there are also many adverse effects of globalization on growth in many developing countries. It increases poverty and worsens the income distribution .It is contended that if Pakistan wants to reap maximum benefit from fruits of economic globalization, it needs to be accompanied with adoption of pro- poor growth policies which emphasize investment in human development and provide a structure for social safety nets for the poor.

CONCLUSION
There are both positive and negative aspects of globalization The impact of varies from country to country and from region to region depending on the level of social, economic and political developments as well as macroeconomic policies. Less developed countries (LDCs) have gained as well as suffered from globalization. Globalization is the need of the hour and no country can afford living in isolation. LDCs can counter the negative effects of globalization if they unite and adopt policies that adequately serve their genuine cause. Like other LDCs, Pakistans economy remained heavily regulated and protected during three decades (1950s, 1960s, and 1970s). However, constrained by domestic economic situation and conditions of the world economy. PAKISTAN have benefited from globalization by changing or updating her polices there is need to be research work that which variables effect economic growth positively to implement policies in a better way.

REFERENCES
Naima Saeed is Lecturer, Department of Economics, Bahauddin Zakariya University, Multan (impact of globalization in Pakistans Economy) Khalil Ur Rehman (Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST) Akbar Ahmed (Global Society)