Will mainly focus on depicting the probable implications of globalisation on the country (both positive and negative) and make suggestions accordingly on whether to follow the suggestion in Palomia’s policy-making emphasising development.In the current scenario, Palomia is identified as a developing nation with substantial growth rates recorded in various domains of the economy. Reportedly, 35% of the total population (i. 20 million as was last recorded) is urbanized in Palomia. This aspect further depicts the need for more rapid development in this particular domain, which will again work towards stabilizing the economy of the nation and put the country in a better position within the world scenario. It has been noted that the nation falls under the category of landlocked countries of the world, which further provides it with certain advantages and disadvantages too. The country is engaged with the export of products primarily including raw materials. However, the country has been recently of the view that it needs to diversify as well as increase its export base in order to ensure maximum growth in the economy and ensure rapid development of the nation altogether. In this particular regard, the World Bank and IMF have recommended the country to open their policies towards globalisation, which will further allow it to ensure maximum development in the country. The organizations also urge that with maximum globalisation, the country will be able to have more trade options open for it, more foreign investors entering in the country generating greater Foreign Direct Investments (FDIs) along with better knowledge transfer amid the population of the nation. This will also ensure that the country is engaged with rapid economic growth and development in a comprehensive manner altogether (Wade, 2009). However, in order to implement these policies, it would be crucial that the government of Palomia evaluates the positives and negatives that can have a substantial impact on the country one way or the other. These aspects are described in detail in the later section of the discussion.Globalisation is one of the most widely depicted concepts in the modern day scenario where countries are eager to gain a reputed position for themselves in the world. The term ‘globalisation’ refers to the approach of the nation towards integrating with the global world with regard to the exchange of ideas and products along with cultural implications. Notably, with
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