ISLAMABAD, Nov 28: The annual report on “Human Development in South Asia 2001”, which will be released by Mahbubul Haq Human Development Centre at a ceremony here on Thursday, focuses on globalization process and its impact on each South Asian country and the region as a whole.

The report says globalization process has put a disproportionate financial burden on the poor. Acknowledging that globalization is an inevitable historical process, the report highlights that its short-term negative effects have been thrust onto the already marginalized actions of the society. The report stresses the need for effective human development in the region to improve economic growth during the globalization process.

It particularly stresses the need for achieving universal primary education in the region. It further calls for intra-regional cooperation so as to take advantage of the many potential gains of trade and other forms of cooperation among South Asian countries. Such a cooperation will help South Asian countries meet future challenges effectively.

The report makes a strong case to view globalization as a mean to guarantee people’s well-being. It also stresses the need for checking increasing income inequality both within South Asia and between South Asia and other regions of the world, the need for forging norms of trade and cooperation among countries and regions that are fairer and promote justice, and need for undertaking initiatives to redress imbalances in social services.

It regrets economic reforms’ efforts in South Asia have been largely ineffective while food insecurity and unemployment are increasing and social development is being ignored.

The report offers a number of policy prescriptions for South Asia’s benefit from globalization process and anxiety to the region from the vicious cycle of under-development trap. The role of civil society and the private sector is also highlighted in the report.

The report also delves deeply into the role of the institutions of global governance, including the World Bank, International Monetary Fund, and the World Trade Organization, stating these institutions have not fulfilled their responsibilities regarding promotion of just and equitable development and maintaining financial stability.

This will be the fifth annual report to be launched by Mahbubul Haq Human Development Centre.