Introduction
The economic journey of Pakistan always has been a roller coaster ride. The reliance upon foreign aid and remittances, along with lack of real domestic economic base, has been a constant source of uncertainty for the country’s economy. With apparently impressive growth rate, the state of economy is not as hunky-dory as it is portrayed by the authorities. Economy is not all about numbers. There are many problems flying still under the radar in Pakistan’s economy.The growth rate for 2016-17 has been estimated over 5 percent – first time after 2006-07. But this growth has been mostly consumption-driven. Pakistan is a lucrative consumer market as the country hosts the sixth largest population in the world. But, an economy cannot be run on consumption basis in the long run. Even with a good growth rate, the government has missed a number of important macroeconomic targets including sectoral and overall GDP (gross domestic product) growth, investment and exports. The current trajectory of growth is unlikely to be sustainable unless these challenges are addressed.The economy for any country is the final way of surviving in the world whereas booming economy is like living neck to neck and step by step with the same pace in the world.
As the matter of fact, Pakistan needs not only to commence building its economy but also to boom its economy in order to strengthen economical position in the world.
There are few hurdles in building Pakistani economy, one of them is debt which has been totalled in billion dollars until now. As Pakistan starts building its economy meanwhile it should also start paying back all its debt which was taken by previous regimes. Likewise having paid back all its debt, Pakistan will have to head towards booming its economy.
Either the loans are taken from IMF, World bank, ADB, and other countries causing huge taxes on people of the country or currency(Rupee) is devalued and dollar goes up creates an inflation in the country. To halt taking loans and keep dollar within control will certainly reduce inflation in Pakistan.
Pakistan should build its solid resources national as well as international with long term planning. The targets and milestones must initially be set and published to the public annually. In starting, the slogans of an economy should be defined or followed publicly with a strong passion.
Most importantly, Pakistan must systemise the things of building economy in a way that upcoming regimes could not affect or hinder the process and discontinue the long term planning at least for next 30 years.
While ending deficit, Pakistan should continue increasing economic growth till very long time. To plan the goals and devise a strategy with long term and short term plannings, the targets and milestones of Pakistani economy must be set with GDP per capita like 5 trillion dollars, 10 trillion dollars, 15 trillion dollars and then 20 trillion dollars in next 30 years.
As the matter of fact, Pakistan needs not only to commence building its economy but also to boom its economy in order to strengthen economical position in the world.
There are few hurdles in building Pakistani economy, one of them is debt which has been totalled in billion dollars until now. As Pakistan starts building its economy meanwhile it should also start paying back all its debt which was taken by previous regimes. Likewise having paid back all its debt, Pakistan will have to head towards booming its economy.
Either the loans are taken from IMF, World bank, ADB, and other countries causing huge taxes on people of the country or currency(Rupee) is devalued and dollar goes up creates an inflation in the country. To halt taking loans and keep dollar within control will certainly reduce inflation in Pakistan.
Pakistan should build its solid resources national as well as international with long term planning. The targets and milestones must initially be set and published to the public annually. In starting, the slogans of an economy should be defined or followed publicly with a strong passion.
Most importantly, Pakistan must systemise the things of building economy in a way that upcoming regimes could not affect or hinder the process and discontinue the long term planning at least for next 30 years.
While ending deficit, Pakistan should continue increasing economic growth till very long time. To plan the goals and devise a strategy with long term and short term plannings, the targets and milestones of Pakistani economy must be set with GDP per capita like 5 trillion dollars, 10 trillion dollars, 15 trillion dollars and then 20 trillion dollars in next 30 years.
What is GDP?
Gross domestic product is the best way to measure a country’s economy. GDP is the total value of everything produced by all the people and companies in the country. It doesn’t matter if they are citizens or foreign-owned companies. If they are located within the country’s boundaries, the government counts their production as GDP. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, the Q3 2017 GDP is up 3%, this is thought to mean that the economy has grown by 3% over the third quarter. While quarterly growth rates are a periodic measure of how the economy is faring, annual GDP figures are often considered the benchmark for the size of the economy.Economic Crisis in Pakistan
In 21st century economy is taken as ‘Religion’. It is the blood in the veins of nation state, vitality in the human muscles, base for brutal wars and a reason for governments to rule. The motherland has painfully experienced rising poverty and sinking economy; despite world’s best canal system, profitable geostrategic location, and unexplored resources. The nation, who earned nuclear position despite miserable poverty and sever foreign pressure, can do wonders, if provided with dedicated leadership.Detailed Reading available in PDF.
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