(Mt) – MGT 324 SEU Globalization & Its Changes to Functioning of

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Please view explanation and answer below.FormatCover pageIntroductionChallenges of globilizationHow local government can raise their fundsReferencePage |1Globalization and its changes to the functioning of local governmentsStudent nameAffiliationCourseProfessor’s namePage |2IntroductionKolb, M. (2018) Stated that Globalization is the description of the world’s growinginterdependence of economies, populations and culture as well, brought about by across nationalborders trade in goods technological advancements, different people, labor provided andinvestment progress. Globalization is also said to be the process of interaction among people andcompanies around the world.It is through a global network where communities/societies, economies, and cultures havecome together. Steenkamp, (2019) Stated that Globalization became active after the Second WorldWar came to its termination. That is when leaders saw the importance to divide borders tominimize the benefits and expanding mutual relations beyond government levels.Challenges of globalizationDouble price riseLocal governments of Saudi Arabia have faced many challenges in the age of globalization.The extreme rise of oil prices has affected the economy. Guo, & Shi, (2021).stated that the COVID19 pandemic has put more pressure on the country’s economy. Currently, dynamics are testing theability of the state to sustain the introduction of unprecedented austerity measures.The centerpiece of Crown Prince Mohammed bin Salman’s mission of Saudi Vision 2030to transform the kingdom, has been pending and might fail to return to its former form. Thispandemic may also present new chances for a new thinking frame and change to Saudi’s economythat might be beneficial in the long run.Page |3Debt incrementAccording to Hurley et, al, (2019), the Ministry of finance did increase its debt from about thirtypercent to fifty percent. The largest public company in the world mentioned a percentage drop innet income in the first quarter of the year 2020. Concerns of public healt…

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