Short essay on Pakistan’s Economy. Pakistan is a developing country and like many other developing countries Pakistan has a semi industrialized economy and basically comprises of textiles, chemicals, food processing, the agricultural sector and various other blogger.comted Reading Time: 3 mins Feb 03, · Pakistan has a semi-industrialized economy, which mainly encompasses textiles, chemicals, food processing, agriculture and other industries. Growth poles of Pakistan's economy are situated along the Indus River, diversified economies of Karachi and Punjab's urban centres coexist with lesser developed areas in other Essay: “Pakistan is facing a challenging economic out-look (decisive and far-reaching policy action is needed to address this challenging out-look,” said the International Monetary Fund (IMF) in its annual report). The economic problems of Pakistan have seriously jeopardized the very foundations of its polity
Sample Essay | The Economy of Pakistan | 15 Writers
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Neglected informal economy. Energy crisis and decaying infrastructure. Shrinking Foreign Direct Investment FDI. Sluggish Revenue collection Low Tax collection Tax-to-GDP ratio. Corrupt and inefficient tax collection system. Rolling Debt and Balance of Payment crises. Burgeoning budgetary deficit. Excessive borrowing. Devaluation of rupee. Current Account deficit. Implication of worsening law and order situation on overall economic growth Bad law and order situation is hampering economic recovery. Huge sums are to be allocated to defence and scanty apparatus at the cost of social and developmental projects. Political instability Weak and corrupt central government. Clash-like situation between state institutions. Corrupt system of governance Structural and institutional fault-lines.
Fiasco of policy implementation. Faulty trade policy and planning. Trade deficit Declining exports. Increasing import bill. Loss making public sector enterprises PSEs Effects of bleeding economic out look Low human development index. Increasing inflation. Poverty trap widened. Brain drainage. Toll on overall social development. Suggestion to salvage the economic recovery Need to improve security situation. Need to introduce structural and organizational reforms in the economic model. Need to promote regional trade. Sound economic and trade policy. Domestic resource mobilization and domestic trade need to be promoted. Establishment of special economic zones SEZs, essay on pakistan economy. Public-Private partnership for economic growth. Human resource and skill development.
Translating socio-political positive developments into public policy i. Conclusion: Economic growth essay on pakistan economy social development should go side-by- side! The economic problems of Pakistan have seriously jeopardized the very foundations of its essay on pakistan economy. Due to dismal economic performance over the year, the socio-political and institutional development of the Pakistan society have been stalled and the security, sovereignty and territorial integrity of the state are mortgaged at international lending institutions. The low economic growth rate is not essay on pakistan economy a game of numbers, it has serious repercussions for human development, essay on pakistan economy.
Dismal economic growth signifies that the gap between the rich and the poor is widening; millions are going jobless, unemployment is rising, inflation is sky rocketing, provisions of health and educational facilities are few and far between and every year millions more are pushed below the poverty-line. Successive governments have failed to formulate a viable and pro-poor economic growth model. The fatal fault-lines in the economic framework have hampered the sustainable economic recovery. The sluggish economic outlook is characterized by a number of factors. They include inter alia slow economic growth, decline in Foreign Direct Investment FDItrade deficit, de-industrialization, essay on pakistan economy, energy crises, political instability, unemployment, development, increasing public debt, essay on pakistan economy, devaluation of rupee, corruption, bad governance and essay on pakistan economy situation etc.
The present regime has miserably failed to improve any of the sectors responsible for the economic hardships of the nation. At the moment our economic system is standing at the verge of collapse. In the coming pages, essay on pakistan economy, we will try to explore the causes of economic problems; their effects on the socio- political landscape of the country and finally discuss same suggestions to salvage the economic recovery. The growth rate of about 3, essay on pakistan economy. The government in its budget scheme projected the growth rate at 4. The International Monetary Fund IMF estimated growth rate is lowest in South Asia, even behind Bangladesh and Sri Lanka.
The low economic performance leads to wide-spread unemployment, poverty, malnutrition, inflation etc. About one million young people enter the labour force of the country every year, to absorb such a huge proposition of unemployment youth in jobs, we need to have at least essay on pakistan economy percent economic growth rate for at least five years. The current trend, however, is just compounding the joblessness and pushing millions move into the poverty trap. All these hardships are hampering investment, both domestic and foreign in employment generating sectors, i.
manufacturing sectors. There are reports that a number of textile manufacturers have relocated their industry in other countries such as Bangladesh, Vietnam, Sri Lanka and Tanzania etc. The Government and the economic managers should be mindful of the fact that de-industrialization essay on pakistan economy heavy toll on the social development of a society. When a factory is shut down either temporarily essay on pakistan economy of frequent power outages or permanently shifted to another destination—hundreds and thousands of households are forced to starve until their bread-winners have a new job. Apart from its implications on human development, de-industrialization or low industrial growth has serious repercussions for over-all economic development.
Economic survey of Pakistan has estimated that the manufacturing sector is employing 14 percent of the workforce, and contributing about 63 percent of taxes and making 25 percent of the GDP. Another equally neglected area is the agriculture sector that employs 45 percent of the workforce contributes 22 percent to the GDP and paying only 1 percent in income tax. This sector requires urgent reforms in terms of redistribution of cultivable land, bringing the sector into the tax net and improving the lot of the less fortunate peasantry. But added value of the crops jumped to Rs. Inspite of this increase in value, essay on pakistan economy, no additional taxes are forthcoming.
Moreover, the substantial share of profits from agricultural proceeds is pocketed by landed gentry. More often than not, they are at the driving seat of the political system of the state as well. The land mafia is running the political show of the country in a way that furthers its vested interests. They discourage social and infrastructure development projects in their areas rather fiefdoms. The gist of the matter is that the present politico-economic order favours the perpetuation of vested interests of the elitist groups in Pakistan today. The informal sector of economy, like agricultural, small and medium enterprises and services sectors employees more than 60 percent of the workforce, it contributes about 35 percent to 50 percent of the GDP.
This sector has yet to see the necessary reforms and regulations. According to an International Labour Organization report, the workers employed in the informal sector are more vulnerable to exploitation. They are paid low wages, maltreated, essay on pakistan economy, over-worked and are not covered by social security nets. Tax evasions are rampant. The economic and political administrators need to pay special attention to modernize and regularize this expanding sector. The services sector, nevertheless, essay on pakistan economy, is a redeeming feature of the struggling Pakistani economy.
This sector has seen phenomenal growth over the decade. This sector telecom, banking, real estate development marketing—contributes more than 50 percent of the GDP. Its share in jobs and taxes is 41 percent and 36 percent respectively.
Essay:Pakistan's informal economy: the way forward. CSS 2020 essay blogger.com statement and points.
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Short essay on Pakistan’s Economy. Pakistan is a developing country and like many other developing countries Pakistan has a semi industrialized economy and basically comprises of textiles, chemicals, food processing, the agricultural sector and various other blogger.comted Reading Time: 3 mins Essay on Impact of CPEC on Pakistan Economy - Words. Pakistan has agreed to be a part of China’s ambitious One Belt, One Road initiative. The two countries have already signed $46 billion in economic investments, making the country an economic alliance for years to come. Plans for the China-Pakistan Economic Corridor (CPEC), a development corridor connecting Dec 20, · Pakistan is one of the few countries which has a young labour force which can be harnessed for its own and global economy. Pakistan’s youth cohort makes up over 60 per cent of the population, providing Pakistan an opportunity to leverage their strategic position in order to enhance the country’s economic growth Japan, Europe, USA and after China are going
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