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Aamish Bhatti · #22 Tuesday, June 18, 2019

Quote:

Originally Posted by Saba Arif

Economic Crises and way forward
1.Introduction
2.Current scenario of economic crises:
a.Huge foreign debt
b.Rising Circular debt
c.Decline of Forex reserves
d.Currency depreciation
e.Industrial depletion
3.Causes of current economic woes:
a.Political instability
b.Ineffective far-sighted economic policies and paradigm
c.Corruption and money laundering
d.Incompetent FBR and ineffective tax collection
e.Illiteracy and absence of skilled education
f.Terrorism and extremism
g.Energy and water crises
4.Effects of economic woes:
a.Growing poverty
b.High inflation
c.Unemployment
d.Deplorable healthcare
5.Way forward to overcome economic woes:
a.Termination and downsizing of declining government institutions
b.Reforms in Financial institutions
c.Curtailing corruption and money laundering
d.Change of currency notes
e.Reform in FBR and Tax collection policies
f.Promotion of mutual trade and industrial uprising
g.Invest in Research and development and skilled education
h.Fixing energy and water crises
i.Land reform - Division of land
j.Agricultural reforms to enhance productivity
k.Promotion of tourism
l.Exploration of natural resources
6.Conclusion

Economy is the life and blood of any country for its survival in the long run. Unfortunately, Pakistan has been facing grave economic woes for last six decades. Heavy foreign debt, fiscal deficit, trade deficit, current, devaluation of rupee and significant shrink in FDI are the challenges that the country has to face with. Political instability and absence of structured and far-sighted economic policies have ruined the economic potential of Pakistan. Besides, rampant corruption and money laundering remained grave challenges to restrict the economic growth of the country. Moreover, illiteracy, terrorism, extremism and energy crises have further rusted the machinery of country’s economic development. Consequently, it engendered a vicious cycle of poverty, inflation and unemployment. However, these financial woes can be fixed and country’s crippling economy can be stabilized through far-sighted and sustainable policies and reforms .Serious steps need to be taken such as wiping out the corruption and money laundering, curbing terrorism, bringing FDI, effective tax collection mechanism, reducing imports and increasing exports, bilateral trade with strategic partners, industrial advancement, agricultural reforms, promoting tourism and curtailing additional expenditures.

Suggestions are welcome

Don't write causes and effects.

Life and blood = Lifeblood

Hope it helps.

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