Introduction
Pakistan has been facing different challenges regarding to its economy. The economic situation of Pakistan is very critical and people are looking towards the solution of these challenges faced by the economy of Pakistan. Pakistan has different opportunities which can help it to solve its economic problem. But without tackling long term challenges and problems decisively, country will no longer be able to take advantages of opportunities. Increase in debt, increase in import and decrease in export, low saving, lower investment, low tax collection, lack of policy implementation, excessive taxation are some of the challenges faced by the Pakistan’s economy. Some of the solutions of these problems are offering low interest rate, collection of the taxes, proper use of young labor force, use of technology, governance and decentralization.
Decentralization is one of the factors which can help increase the economy of the country. An individual sitting in capital can’t identify the needs of the different areas of country but the local people those are living there know exactly what they needed, what are their requirements. One has to transfer power to other, decentralize and delegate authority, provide resources to the local/district governments so that they can take decisions at their own at district level. District government will take decision according to the requirement and the needs of the areas. Local government should report to the provincial government about its activities and provincial government should report to federal government. If our government does so we can do more by same resources which are being wasted today. Economic growth rate can be raised from 6-7 percent average to 8-9 percent annually.
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