1.

Briefly discuss their role:

a. IMF
 The International Monetary Fund (IMF) offers a very short- and medium-term
loans well as financial stability to aid countries around the globe in upholding a
better economy.

     b. World Bank

 The World Bank is an international organization that is devoted into giving
advice, financing, and research to developing countries to help their economy.
The bank is also anchored on the objective of fighting poverty through
providing financial assistance to third world countries.

     c. GATT
 The General Agreement on Tariffs and Trade (GATT) was established to make
trading free among countries. It also aims to aid in bringing back economic
prosperity around the globe after the terrific aftermath of World War III.

     d. WTO
 The World Trade Organization (WTO) is an international organization that
focuses on the rules of trade between nations. Its initial goal is to assist
producers of products, exporters, importers, and services conduct their business
with ethics and without breaking any laws.

2.  Why is there a need for globalization?

 Globalization is one of the key ingredients for countries to connect and interact with one
another. If exporting and importing of products and goods, trading innovative
technologies, and expanding borders will not exist, then economical progress will cease
to flourish.