My recipe for the Economic Growth of Pakistan.
1947, the year when one rupee was equal to one US dollar. But now it is 100 rupees against a US dollar. What US government did to maintain their dollars value which ours could not do, is a question every Pakistani wants to ask. Similarly, if we consider countries like Malaysia which got its free existence after Pakistan’s, they have grown economically more than us. In 2012, Pakistan’s GDP was 231 billion US dollars whereas Malaysian GDP was over 303 billion US dollars. Though Pakistan has God gifted resources like natural reservoirs of minerals, gas, coal, and human capital. Pakistanis are not less talented than people of any other country.
Poverty is increasing as days pass, debts are increasing just because we cannot repay the debts and the interests on these debts. Inflation is increasing. Our GDP is also increasing but not as much as these mentioned factors. Hence the common men are suffering.
Before I start with the recommendations, I just want to give you a glimpse of Pakistan’s economy since now. In the early four decades, Pakistan grew by a good rate of 6 percent, though the population grew rapidly per capita income got doubled and poverty level declined from 46% to 18%. Till 1980s, this growth was maintained throughout wars, and the changing government regimes. In 1990s; the economic growth rate declined to 4%, poverty rose to 33%, inflation and the debts increased too. Then in 1999, military formed its government Pakistan once again got on a fast track. Things started to get better for Pakistan. FDIs were flowing in, poverty and inflation declined. And from 2008, Pakistan started to struggle again. And now, we know where our country stands.
So, what went wrong? For me, I think there are few factors that have negative impact on the economy of our country. * Firstly, the mismanagement and the corruption